Nominated by the US World Bank, a leader in business and development
Ajay Banga, President Biden’s nominee for leadership of the World Bank, is a successful businessman who has long worked to bring investment and jobs to developing countries.
In announcing Banga’s appointment as World Bank President, Biden praised Banga’s experience leading companies that have expanded access to financial services and his ability to build effective partnerships.
“Ajay is uniquely equipped to lead the World Bank at this critical moment in history,” Biden said on Feb. 23. “He has a proven track record of managing people and systems, collaborating with global leaders around the world to drive results.”
Consisting of 189 member countries, the World Bank provides loans, grants and technical assistance to developing countries to reduce poverty and improve lives. The international financial institution also advises governments, companies and communities on economic development issues. The World Bank Board of Governors would have to confirm Banga’s nomination.
Banga, who now serves as vice chairman of investment firm General Atlantic, is one of many Indian-Americans to rise to the helm of major US companies. As a leader, Banga has worked to expand access to the digital economy and tackle the climate crisis.
As President and Chief Executive Officer of Mastercard, Banga led the company’s efforts to bring 500 million people into the digital economy. He said in a 2020 TED Talk that access to digital financial tools is connecting people to credit, insurance and savings opportunities they previously lacked. But expanding digital access is complex. It requires “a bunch of shoulders at the wheel come together,” he says. “It requires partnerships between the public and private sectors.”
During Banga’s tenure, Mastercard launched 2KUZE, a digital platform connecting East African farmers with buyers. The company’s partnership with the South African Social Security Agency improved benefits and reduced waste. Mastercard’s partnership with the World Food Program provided Syrian refugees with digital grocery vouchers.
At Mastercard, Banga also sought to address climate change and deforestation. He led the company’s creation of the Priceless Planet Coalition, which prompted more than 120 companies to pledge to plant 100 million trees by 2025.
In 2021, following his tenure at Mastercard, Banga joined Vice President Kamala Harris as co-chair of the Central America Partnership, a public-private initiative that will facilitate $4 billion in private sector investment in El Salvador, Guatemala and Honduras. dollars promised.
The partnership has already invested more than $650 million in textile manufacturing, agriculture and jobs, trained over 160,000 workers and expanded access to the digital economy.
Banga “has critical experience in mobilizing public-private resources to address the most pressing challenges of our time,” Biden said. He knows “how the World Bank can implement its ambitious agenda of reducing poverty and increasing prosperity”.
