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Ajay Banga: 5 things to know about the new World Bank 14th president

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Ajay Banga, World Bank President
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Ajay Banga appointed As 14th President of World Bank

 

Ajay Banga has been appointed as the World Bank’s president.

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The World Bank confirmed that Banga, who worked for Mastercard for a decade, would succeed David Malpass as president.

 

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The lender disclosed that Banga would serve as the institution’s pioneer for five years.

 

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The World Bank expressed optimism that Banga would utilise his experience to realise the Bank’s “ambitions and efforts to address the most difficult development challenges confronting developing countries.”

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Banga is the sole candidate from the United States for the position of 14th President of the World Bank, and he is expected to assume his duties on June 2, 2023.

 

Recently, the bank has shifted its focus to Climate Change, conflict, and pandemics, among other pressing global issues.

 

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The World Bank estimates that developing nations will require $2.4 trillion annually over the next seven years to address their problems.

 

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5 things you should know about the 14th world bank President , Ajay Banga

 

Five facts about Ajay Banga are listed below.

1) Ajaypal Singh Banga is the Vice Chairman of General Atlantic at present. He previously served as Mastercard’s president and chief executive officer for eleven years. The 63-year-old began his career at Nestle SA, where he held marketing, sales, and management positions for over a decade.

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2) Mr. Banga is the son of an Indian Army officer and spent his childhood moving around the country. Born in the Pune cantonment of Khadki, he completed his undergraduate degree at Delhi University and his MBA at the Indian Institute of Management in Ahmedabad.

 

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3) Ajay Banga joined PepsiCo Inc after leaving Nestle SA and assisted the company in launching its fast-food franchise in India. Within four years of joining Citigroup, he was promoted to the position of business head of CitiFinancial and the US consumer-assets division. In 2005, he was selected to lead the bank’s international consumer operations.

 

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4) Ajay Banga was appointed Citigroup’s head of the Asia-Pacific region in 2008. In 2009, he resigned to become Mastercard’s president and chief operating officer. Mr. Banga was promoted to CEO by Mastercard in less than a year.

 

5) In 2016, the Indian government awarded Ajay Banga the Padma Shri for his contributions to the field of commerce and industry. In 2012, he also received the Foreign Policy Association Medal. In 2019, he was awarded the Ellis Island Medal of Honour and the Business Council for International Understanding’s Global Leadership Award. In 2021, he was presented with the Distinguished Friends of Singapore Public Service Star.

 

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