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Wednesday, October 4, 2023

Indian-American Ajay Banga takes over as World Bank president

WASHINGTON. Indian-American Ajay Banga took over as World Bank president on Friday, making him the first person of color to head either of the two global financial institutions, the World Bank and the International Monetary Fund.
On May 3, the World Bank’s chief executives selected Banga, 63, as the 14th president of the World Bank for a five-year term.
In February, President Joe Biden announced that the United States would nominate Banga to head the World Bank.
“Join us in welcoming Ajay Banga as the new President of the World Bank Group. We are committed to creating a world free of poverty on a livable planet,” the World Bank said in a tweet with an image of Banga entering the bank’s headquarters here on Friday.
“I wish Ajay Banga all the best as he takes up his new role as President of the World Bank today. I look forward to continuing the close partnership between our institutions to do good and help those most in need,” IMF Managing Director Kristalina Georgieva said in a tweet.
Banga has become the first American Indian to run the World Bank. He replaces David Malpass, who announced his decision to resign in February.
Banga most recently served as Vice President of General Atlantic. Previously, he was Chairman and CEO of Mastercard, a global organization with nearly 24,000 employees.
Under his leadership, MasterCard launched the Center for Inclusive Growth, which promotes equitable and sustainable economic growth and financial inclusion around the world. He was an honorary president of the International Chamber of Commerce, serving as president from 2020 to 2022.
He became an advisor to General Atlantic’s climate-focused fund, BeyondNetZero, at its inception in 2021. Banga served as co-chair of the Partnership for Central America, a coalition of private organizations that works to promote economic opportunity among underserved populations in The Savior. , Guatemala and Honduras. He previously served on the boards of the American Red Cross, Kraft Foods and Dow Inc.
Banga is a co-founder of The Cyber ​​Readiness Institute and a former vice president of the Economic Club of New York. He received the Foreign Policy Association Medal in 2012, the Padma Shri Award from the President of India in 2016, the Ellis Island Medal of Honor and the Business Council for International Understanding Global Leadership Award in 2019, and the Distinguished Friends of Singapore Public Service. Star in 2021.
On Thursday, Treasury’s Yellen met with Banga at the Treasury Department. During his engagement, Yellen warmly welcomed Banga’s upcoming presidency and conveyed his strong hope that the Treasury will continue to work closely with him to build on the solid progress made so far in the evolution of Multilateral Development Banks (MDBs), according to a press release.
That includes continued implementation of the recommendations of the G20 Capital Adequacy Framework review to make the most of the Bank’s balance sheet, and enhance and increase the amount of private capital mobilized for our shared global development goals and refine the operating model. to increase responsiveness. and the agility of the bank, he said.
Yellen also reiterated the importance of the World Bank working more closely with its sister development banks.
Yellen stressed the need to support the Bank’s poorest member countries as they continue to face multiple crises, including ongoing global macroeconomic headwinds exacerbated by Russia’s war in Ukraine.
Yellen stressed that she looks forward to having Banga’s experienced leadership and proven managerial skills lead this critical multilateral institution during a period of significant global challenges and opportunities, according to the statement.

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