Joe Biden Nominates First-Ever Indian-American to Lead World Bank
By On Thursday, February 23, President Joe Biden announced that the US is nominating Ajay Banga to lead the World Bank, saying the Indian-American business leader is uniquely equipped to lead the global institution at “this critical moment in history.”[0] Should the World Bank Board of Directors give their approval, Banga would be the first Indian-American and Sikh-American to lead either of the two major international financial institutions, the International Monetary Fund and the World Bank.[1]
Raised in India, Banga 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, Biden said in a statement.[2] The White House also highlighted Banga’s public-private partnerships to address financial inclusion and climate change.
Banga currently serves as Vice Chairman at General Atlantic and previously served as President and CEO of Mastercard, leading the company through a strategic, technological and cultural transformation.[1] In 2016, the Padma Shri was bestowed upon him[3] He is honorary chairman of the International Chamber of Commerce, serving as chairman from 2020-2022 and is also chairman of Exor and independent director at Temasek.[2] He has also become an advisor to General Atlantic’s climate-focused fund, BeyondNetZero, at its inception in 2021.[4]
Banga is being tapped to replace David Malpass, a former Trump official who stepped down early amid controversy about his views on the causes of climate change.[5] Traditionally, the US (being the World Bank's largest shareholder) has held the responsibility of choosing the individual to head the Bank, which annually grants billions of dollars to nations.[0]
President Biden has highlighted Banga’s experience in forging partnerships to address financial inclusion and climate change, noting that his efforts have helped bring 500 million unbanked people into the digital economy. John Kerry, Biden's climate envoy, declared that Banga was an ideal selection to assume the duties of the World Bank during this pivotal time.[6]
Banga is a prominent figure in the tech and security industry, having co-founded The Cyber Readiness Institute, serving as Vice Chair of the Economic Club of New York, and being a part of President Barack Obama’s Commission on Enhancing National Cybersecurity.[3] He was formerly part of the US President's Advisory Committee for Trade Policy and Negotiations.[3]
0. “US nominates Pune-born Ajay Banga to lead World Bank” The Federal, 23 Feb. 2023, https://thefederal.com/international/us-nominates-pune-born-ajay-banga-to-lead-world-bank/
1. “Morning Scan: All the big stories to get you started for the day” Moneycontrol, 24 Feb. 2023, https://www.moneycontrol.com/news/business/morning-scan-all-the-big-stories-to-get-you-started-for-the-day-413-10150931.html
2. “Biden nominates Indian-American Ajay Banga for World Bank president” The Tribune India, 24 Feb. 2023, https://www.tribuneindia.com/news/diaspora/biden-nominates-indian-american-ajay-banga-for-world-bank-president-482491
3. “US nominates Indian-American Ajay Banga to lead World Bank” The News Minute, 24 Feb. 2023, https://www.thenewsminute.com/article/us-nominates-indian-american-ajay-banga-lead-world-bank-173698
4. “Joe Biden nominates former Mastercard boss Ajay Banga to lead World Bank” The Guardian, 23 Feb. 2023, https://www.theguardian.com/business/2023/feb/23/joe-biden-nominates-ajay-banga-world-bank-president
5. “US puts forward Ajay Banga to lead World Bank” BBC, 23 Feb. 2023, https://www.bbc.com/news/business-64749103
6. “Biden Seeks To Redirect World Bank Toward Climate Change With New Nominee | The New York Sun” The New York Sun, 23 Feb. 2023, https://www.nysun.com/article/biden-seeks-to-redirect-world-bank-toward-climate-change-with-new-nominee
