March 26, 2023

President Biden nominates former MasterCard and Nestlé executive Ajay Banga to lead World Bank, replacing Trump-appointee David Malpass

Ajay Banga
Ajay Banga

President Joseph R. Biden Jr. announced on Thursday that the United States is nominating Ajay Banga to be President of the World Bank.

The White House described Banga as “a business leader with extensive experience leading successful organizations in developing countries and forging public-private partnerships to address financial inclusion and climate change.”
In a statement, President Biden said, “Ajay is uniquely equipped to lead the World Bank at this critical moment in history. He has spent more than three decades building and managing successful, global companies that create jobs and bring investment to developing economies, and guiding organizations through periods of fundamental change. He has a proven track record managing people and systems, and partnering with global leaders around the world to deliver results.
“He also has critical experience mobilizing public-private resources to tackle the most urgent challenges of our time, including climate change. Raised in India, Ajay has a unique perspective on the opportunities and challenges facing developing countries and how the World Bank can deliver on its ambitious agenda to reduce poverty and expand prosperity.”

In response to President Biden’s nomination of former MasterCard and Nestlé executive, Ajay Banga, to the position of World Bank president, Christian Donaldson, Oxfam International’s senior policy advisor on international financial institutions said that while Mr. Banga may have extensive experience on Wall Street, “we had hoped that President Biden would use this opportunity to ditch the old gentlemen’s agreement of World Bank and IMF appointments in favor of a more transparent and merit-based global process.”

“The World Bank president will serve billions of people living in poverty, and the Bank needs a leader who can tackle the extreme and intertwined crises of economic inequality and climate change,” Donaldson said. “The World Bank is not a US bank, a commercial bank, or a private equity firm. For a job of this stature, we need more than a tap on the shoulder from President Biden. The world needs a transparent, open, merit-based process.”

Read full official bio as released by the White House
Ajay Banga currently serves as Vice Chairman at General Atlantic. Previously, he was President and CEO of Mastercard, leading the company through a strategic, technological and cultural transformation.
Over the course of his career, Ajay has become a global leader in technology, data, financial services and innovating for inclusion. 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. He 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. Ajay has worked closely with Vice President Harris as the Co-Chair of the Partnership for Central America. 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 United States-China Relations, and Chairman Emeritus of the American India Foundation.
He is a co-founder of The Cyber Readiness Institute, Vice Chair of the Economic Club of New York and served as a member of President Obama’s Commission on Enhancing National Cybersecurity. He is a past member of the U.S. President’s Advisory Committee for Trade Policy and Negotiations.
Ajay was awarded the Foreign Policy Association Medal in 2012, the Padma Shri Award by the President of India in 2016, the Ellis Island Medal of Honor and the Business Council for International Understanding’s Global Leadership Award in 2019, and the Distinguished Friends of Singapore Public Service Star in 2021.

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