The Foreign Affairs News The Leading News Portal
Feb 24, 2023

Ajay Banga named for new World Bank President

Avatar photo
FA Correspondent
Ajaypal Singh Banga
Ajaypal Singh Banga

Vice Chairman at General Atlantic and former Mastercard CEO Ajaypal Singh Banga has been named as the new World Bank president.

Born on November 10, 1959 in Pune, India, Banga is an American business leader with extensive experience leading successful organizations in developing countries and forging public-private partnerships to address financial inclusion and climate change.

US President Joe Biden announced on February 23, 2023 that the United States is nominating Ajay Banga to be President of the World Bank.

According to the regulations, this name requires backing from other member countries including China, Japan, Germany, France and the UK.

As the World Bank is looking to expand its focus from poverty to the fight against climate change, the new chief Banga is expected to utilize private money to tackle climate change.

“Ajay is uniquely equipped to lead the World Bank at this critical moment in history. 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. He has a proven track record managing people and systems, and partnering with global leaders around the world to deliver results,” President Biden said in his statement.

A recipient of 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, Ajay Banga over the course of his career, Ajay has become a global leader in technology, data, financial services and innovating for inclusion.

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.

He 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. Ajay has worked closely with Vice President Harris as the Co-Chair of the Partnership for Central America.

He is a member of the Trilateral Commission, a founding trustee of the U.S.-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 U.S. President’s Advisory Committee for Trade Policy and Negotiations.