Ajay Banga poised to become World Bank president

If elected, Banga would become the first ever Indian-American and Sikh-American to lead the multilateral development bank

Indian-American business leader Ajay Banga is poised to become the next President of the World Bank with the nomination period closing Thursday with no other country proposing an alternate candidate for the job.

Voicing her expectation of former Mastercard CEO Banga’s election, US Treasury Secretary Janet Yellen told a US House panel Wednesday, “Over the next few months, you will see the World Bank undergo an important transition.”

Read: Ajay Banga will be transformative at World Bank: Kamala Harris (February 24, 2023)

Banga would be charged with helping evolve the institution to better address 21st century challenges, she told the State, Foreign Operations, and Related Programs subcommittee of the House Appropriations Committee. “This evolution will help the Bank deliver on its vital poverty alleviation and development goals,” Yellen said.

Banga, 63, recently completed a three-week world tour including a visit to India to meet government leaders, civil society groups and others in borrowing and donor countries as he campaigned for the bank’s top post.

President Joe Biden nominated the Pune, India, born finance and development executive, who is a US citizen, for the post in late February.

He has won the support of enough other governments to virtually assure his confirmation as World Bank president, including India, Britain, France, Germany, Italy, Japan, Bangladesh, Colombia, Egypt, Ivory Coast, Kenya, Saudi Arabia and South Korea.

The World Bank has been led by an American since its founding at the end of World War Two, while the International Monetary Fund has been led by a European.

The bank’s board has said it hopes to elect a new leader to replace current president, David Malpass by early May.

Read: Biden nominates Ajay Banga to lead World Bank (February 23, 2023)

Banga has “extensive experience leading successful organizations in developing countries and forging public-private partnerships to address financial inclusion and climate change, to be President of the World Bank,” the White House said announcing his nomination on Feb 23.

“Ajay is uniquely equipped to lead the World Bank at this critical moment in history,” Biden stated. “He has spent more than three decades building and managing successful, global companies that create jobs and bring investment to developing economies, and guiding organizations through periods of fundamental change.”

Banga “has a proven track record managing people and systems, and partnering with global leaders around the world to deliver results,” the President stated. “He also has critical experience mobilizing public-private resources to tackle the most urgent challenges of our time, including climate change.

“Raised in India, Ajay has a unique perspective on the opportunities and challenges facing developing countries and how the World Bank can deliver on its ambitious agenda to reduce poverty and expand prosperity,” Biden added.

Banga currently serves as Vice Chairman at General Atlantic. Previously, he was President and CEO of Mastercard, leading the company through a strategic, technological and cultural transformation.

Over the course of his career, Banga has become a global leader in technology, data, financial services and innovating for inclusion. according to his White House profile.

He is Honorary Chairman of the International Chamber of Commerce, serving as Chairman from 2020-2022. He is also Chairman of Exor and Independent Director at Temasek.

Banga became an advisor to General Atlantic’s climate-focused fund, BeyondNetZero, at its inception in 2021. He previously served on the Boards of the American Red Cross, Kraft Foods and Dow Inc. He has worked closely with Vice President Kamala Harris as the Co-Chair of the Partnership for Central America.

Banga is a member of the Trilateral Commission, a founding trustee of the US-India Strategic Partnership Forum, a former member of the National Committee on United States-China Relations, and Chairman Emeritus of the American India Foundation.

He is a co-founder of The Cyber Readiness Institute, Vice Chair of the Economic Club of New York and served as a member of President Obama’s Commission on Enhancing National Cybersecurity. He is a past member of the US President’s Advisory Committee for Trade Policy and Negotiations.

Read: Ajay Banga will be transformative World Bank Prez: Kamala Harris (February 24, 2023)

Banga was awarded the Foreign Policy Association Medal in 2012, the Padma Shri Award by the President of India in 2016, the Ellis Island Medal of Honor and the Business Council for International Understanding’s Global Leadership Award in 2019, and the Distinguished Friends of Singapore Public Service Star in 2021.

Born on Nov 10, 1959 in Khadki cantonment of Pune, Maharashtra. Banga is the son of an Indian Army officer, Harbhajan Singh Banga, who retired as a lieutenant-general.

Banga grew up and attended schools across India. After primary education at the Hyderabad Public School in Hyderabad, India, Banga earned a BA (Honors) degree in Economics from St. Stephen’s College, Delhi University and a PGP in Management (equivalent to MBA) from the Indian Institute of Management, Ahmedabad.