Ajay Banga (File Photo)Image Credit source: Social Media
An Indian will sit as the head of the World Bank for the next five years and that person’s name is Ajay Banga. The 25-member executive board of the bank has taken this decision and Banga’s tenure will start from June 2. India-born finance and development expert Banga will revamp the World Bank to deal with climate change and global crises. Banga, 63, was nominated to the port in late February by US President Joe Biden as the only contender to replace current bank chief David Malpass.
visited 8 countries
The source said that after the nomination, Banga has met officials of 96 governments. He visited eight countries during the three-week world tour, flying a total of 39,546 miles, to meet with government officials, business leaders and civil society groups. Since the establishment of the World Bank after World War 2, its chief has been American, the IMF has been European as chief. However, Ajay Banga, who was born in India and spent his early career there, is a US citizen since 2007.
This is how you will get the benefit of Banga
Biden congratulated Ajay Banga for becoming the head of the World Bank. Biden said that Ajay Banga will be a transformative leader, who will bring expertise, experience and innovation to the post of President of the World Bank. The qualities of these three will help a lot in running the World Bank. On this occasion, Treasury Secretary Janet Yellen said that Banga is a right leadership and his management skills will be very useful. Apart from this, partnership between government and private and non-profit groups will be increased. Yellen said in his statement that Ajay understands all those challenges very well till the removal of climate change, pandemic, and extreme poverty. The new chief Banga will take over at a very crucial time for the World Bank, which gives out about $100 billion annually.
hold many senior positions
Banga is working as the Vice Chairman of the American investment firm General Atlantic LP. Prior to that, he spent a decade as President and CEO of Mastercard. He Citigroup Inc. He also served in various positions including CEO of the Asia-Pacific region. Born in Maharashtra’s Pune city, Banga graduated in economics from St. Stephen’s College, Delhi University and pursued management from IIM-Ahmedabad. In 2016, the Government of India awarded him the Padma Shri, the country’s fourth highest civilian award.