Ajay Banga will be transformative at World Bank: Kamala Harris

Indiaspora says Banga brings a sharp focus on climate resiliency and environmental sustainability

President Joe Biden’s nomination of Indian American Ajay Banga to lead the World Bank has come in for commendation from Indian diaspora with Kamala Harris, first US Vice President of Indian descent saying he will be “transformative.”

Biden nominated Pune, India, born Banga, 63, former President and CEO of Mastercard, Thursday saying “Ajay is uniquely equipped to lead the World Bank at this critical moment in history.”

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

“Ajay Banga will be a transformative World Bank President as the institution works to deliver on its core development goals and address pressing global challenges, including climate change,” Harris stated.

“Since I was elected Vice President, Ajay and I have worked closely together on a new model of public-private partnership designed to address the root causes of migration in Northern Central America,” she stated.

“Through that partnership, nearly 50 businesses and organizations have mobilized to generate more than $4.2 billion in commitments that will create opportunity and hope for people in the region,” Harris noted.

“Ajay has brought great insight, energy, and persistence to the challenges of promoting economic development and tackling the root causes of migration,” she added.

Meanwhile, Indiaspora, a leading community organization applauded the nomination of Banga, an Indiaspora Founders Circle member, as President of the World Bank.

“I am delighted that Ajay has been nominated by President Biden to lead the World Bank,” MR Rangaswami, Indiaspora Founder and Chairman, stated. “It is great to see such an eminently qualified Indian-American nominated for this prestigious international leadership role.”

“Especially relevant, given recent commentary around the Bank’s mission and objectives, is that Ajay brings a sharp focus on climate resiliency and environmental sustainability. In nominating him to this position, the President has made an inspired choice,” he stated.

Sanjeev Joshipura, Indiaspora’s Executive Director, commented, “Ajay Banga’s global private sector background, during which he initiated and led Mastercard’s financial inclusion efforts, will be of immense value in enhancing his effectiveness as World Bank President.”

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

“Moreover, as the first Indian-born nominee to this role, he brings a lived understanding of the challenges faced by developing nations,” he stated. Large, complex and multifaceted problems, such as those the World Bank endeavors to resolve, are not new for Ajay to handle.”

Banga is currently Vice Chairman at private equity firm General Atlantic, having become an advisor to General Atlantic’s BeyondNetZero venture at its inception in 2021.

Born and educated in India, Banga became a US citizen in 2007. He would replace current World Bank President David Malpass, whose five year term ends in April.