Biden, Harris hail Ajay Banga’s selection to lead World Bank

“Banga will be a transformative leader, bringing expertise, experience, and innovation” to the position, says Biden

President Joe Biden and Vice President Kamala Harris have hailed Indian American business executive Ajay Banga’s selection to lead the World Bank saying he will be a “transformative leader” of the development lender.

Pune, India-born Banga “will be a transformative leader, bringing expertise, experience, and innovation to the position,” Biden stated expressing confidence he will help steer the institution in addressing global challenges affecting its core mission of poverty reduction—including climate change.

Read: Ajay Banga selected 14th President of the World Bank (May 3, 2023)

“I want to congratulate Ajay Banga — my nominee for the next President of the World Bank — on his resounding approval by the Bank’s Board of Governors,” Biden said in a White House statement.

“Ajay Banga will be a transformative leader, bringing expertise, experience, and innovation to the position of World Bank President,” he stated.

“And together with World Bank leadership and shareholders, he will help steer the institution as it evolves and expands to address global challenges that directly affect its core mission of poverty reduction—including climate change.”

“Ajay will also be integral in bringing together the public and private sectors, alongside philanthropies, to usher in the fundamental changes in development finance that this moment requires,” he added.

“I look forward to working with Ajay in his new role and to supporting his efforts to transform the World Bank, which remains one of humanity’s most critical institutions to reduce poverty and expand prosperity around the globe,” Biden stated.

“Congratulations to Ajay Banga on his election as President of the World Bank,” tweeted Harris. “Ajay has been an incredible partner in our work in Central America, helping to deliver hope and opportunity on the ground. I look forward to our continued work together.”

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

Banga, 63, former President and CEO of Mastercard, was selected May 3 as the 14th President of the World Bank for a five-year term beginning June 2, 2023.

“The Board looks forward to working with Mr. Banga on the World Bank Group Evolution process, as discussed at the April 2023 Spring Meetings, ” the development lender wrote in a statement after his selection

The bank also said it looked forward to working with Banga on “all the World Bank Group’s ambitions and efforts aimed at tackling the toughest development challenges facing developing countries.”

Banga, the US candidate who was the sole nominee for the top job, will be taking over from David Malpass who is stepping down early amid criticism over his stance on climate change.

He most recently served as Vice Chairman at General Atlantic. He was Honorary Chairman of the International Chamber of Commerce, serving as Chairman from 2020-2022. He became an advisor to General Atlantic’s climate-focused fund, BeyondNetZero, at its inception in 2021.

Read: Statement from President Joe Biden on the Selection of Ajay Banga (May 3, 2023)

Banga served as Co-Chair of the Partnership for Central America, a coalition of private organizations that works to advance economic opportunity across underserved populations in El Salvador, Guatemala, and Honduras. He was previously on the Boards of the American Red Cross, Kraft Foods, and Dow Inc.

He is a co-founder of The Cyber Readiness Institute and was Vice Chair of the Economic Club of New York. 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.

Read: Ajay Banga wants to give World Bank new direction (April 14, 2023)

Read: Ajay Banga poised to become World Bank president (March 30, 2023)

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