The President of the United States, Joe Biden has nominated the former Chief Executive Officer of Mastercard, Ajay Banga, to be the head of the World Bank. He reasons that the career experience of the former Indian-origin CEO makes him uniquely suitable for the job.
Notably, Banga has spent the vast majority of his career working with developing economies, helping to bring investments to the countries and creating jobs through the companies that he managed. He has delivered the desired results.
Banga has decades of experience in ensuring financial inclusion with respect to entering partnerships within the public and private sectors. Additionally, the newly nominated head of the World Bank also has critical experience in mobilizing resources to deal with the most critical issues of the modern world, including climate change.
The office of the President has published a statement in this regard, which points out that since Ajay grew up in India, he can provide a unique perspective on the challenges and opportunities that developing countries deal with. Consequently, it will help the World Bank understand how it can deliver on its agenda to reduce poverty and expand prosperity.
The former President of the world bank, David Malpass, stepped down from his position almost a year earlier than the tenure. The resignation came after several calls for him to step down. Malpass has been on the receiving end of criticism from climate activists after he refused to acknowledge during a climate panel conclusively whether he believes burning fossil fuels is dangerous for the environment.
Presently, the nominated candidate for the presidentship Ajay Banga, serves as the Vice Chairman at General Atlantic. Formerly, he served as the CEO and President of Mastercard. He was responsible for leading the company through the periof of strategic, technological and cultural transformation.
He also served in various other capacities, including the honorary chairman of the International Chamber of Commerce from 2020-22, chairman at Exor and Independenct Director at Temasek