On Thursday, Joe Biden, US President, announced that Ajay Banga, former CEO of Mastercard, will be leading the World Bank. After this news, Ajay will become the first Indian-American to serve the World Bank as the president. Currently, he is the vice chairman of the general equity firm Atlantic. He is the former CEO of Mastercard and proved his leadership skills. The decision to nominate Ajay Banga comes after World Bank’s chief David Malpass stepped down from the position. A major reason for David’s decision to step down from the chief’s position early was the controversy over his views on climate change. He had resigned a week earlier.
Biden’s decision to nominate Ajay Banga for leading the World Bank clears the intention to utilise their experience and his leadership skills. He served various roles at Mastercard and retired in December 2021 after completing his tenure of 12 years and helping 500 million unbanked people to join the digital economy. He has over 30 years of experience and works with Kraft Foods, American Red Cross, and the Dow Inc board.
US President Biden said, “Mr Banga is uniquely equipped to lead the World Bank at this critical moment in history.”
The nomination of Banga is considered as the push for development lenders for addressing the global problems in his leadership. As a result of Ajay’s nomination, billions of dollars in funding will be channelled into a different set of reforms in the future.
Scott Morris, a former US Treasury said, “I think the speed of the nomination, less than 48 hours after the WB board launched the process, reflects a desire to discourage any challengers and wrap it up quickly.”
The nomination of Ajay Banga as the president of the World Bank will better address the financial issues faced by the different countries. However, it is also essential to see how this new leadership will benefit India in the future.