Who is Ajay Banga? Meet the Indian-American nominated to lead World Bank

US President Joe Biden has nominated Indian-American business leader Ajay Banga to lead one of the greatest financial institutions, World Bank. Banga is said to be the first ever Indian-American and Sikh-American to be heading either of the two financial institutions– International Monetary Fund and the World Bank.

"Ajay is uniquely equipped to lead the World Bank at this critical moment in history," US President Joe Biden said in a statement.

According to the White House, Banga has extensive experience leading successful organisations in developing countries and forging public-private partnerships to address financial inclusion and climate change.

"He has spent more than three decades building and managing successful, global companies that create jobs and bring investment to developing economies, and guiding organisations through periods of fundamental change," Biden said. He also has critical experience mobilising public-private resources "to tackle the most urgent challenges of our time, including climate change," the President added.

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

Ajay Banga’s career

Ajay Banga is a global leader in technology, data, financial services and innovating for inclusion.

Known for his role as ex-CEO of Mastercard, Banga, 63, is currently the Vice Chairman of General Atlantic.

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.

Banga 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.

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 US-China Relations, and Chairman Emeritus of the American India Foundation.

Banga is also the co-founder of The Cyber Readiness Institute, Vice Chair of the Economic Club of New York and served as a member of President Barack Obama's Commission on Enhancing National Cybersecurity. He is a past member of the US President's Advisory Committee for Trade Policy and Negotiations.

He was awarded the Foreign Policy Association Medal in 2012, the Ellis Island Medal of Honour and the Business Council for International Understanding's Global Leadership Award in 2019, and the Distinguished Friends of Singapore Public Service Star in 2021.

He was awarded with the fourth-highest civilian award of the Republic of India, Padma Shri in 2016.

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