Ajay Banga nominated to lead World Bank: From Washington, US President Joe Biden has nominated former Mastercard CEO Ajay Banga to manage the World Bank, after current CEO David Malpass declared his intention to retire early. Banga’s nomination comes amid a push for development lenders to revamp and address global problems like environmental issues more effectively. The development lender has only recently begun taking candidate nominations for a process that will last through March 29, with the bank stating that female applicants will be “strongly” encouraged. The president of the World Bank is typically American, while the leader of the International Monetary Fund is customarily European.
February 2023 Current Affairs Quiz
The development lender has started accepting candidate nominations in a process that will run until March 29. The World Bank has historically been led by someone from the United States, its major shareholder, whereas the International Monetary Fund (IMF) has traditionally been led by a European. However, developing countries and emerging markets have pushed to widen those choices, according to Reuters. Germany, another major shareholder, has pushed for a woman to take the job since the bank has never been headed by a woman in its 77-year history.
Banga, 63, is Indian-American and currently serving as vice chairman at equity firm General Atlantic. Banga has “critical experience mobilizing public-private resources to tackle the most urgent challenges of our time, including climate change,” said Biden in a statement.
Who is Ajay Banga?
- Ajay Banga, 63, is an Indian-American currently serving as vice chairman at equity firm General Atlantic. He was previously chief executive at Mastercard. He joined MasterCard in August 2009 as president and chief operating officer and was named CEO in April 2010.
- Born in Pune, Banga received B.A. in economics from St. Stephen’s College, Delhi University. He also attended the Indian Institute of Management in Ahmedabad.
- Banga worked for 13 years with Nestle, India and also spent two years at Pepsico, before joining Citigroup in 1996 where he served in a variety of positions of increasing responsibility, including as CEO of its Asia-Pacific region.
- He was also a member of Citi’s senior leadership and executive committees.
Important takeaways for all competitive exams:
- World Bank Headquarters: Washington, D.C., United States;
- World Bank Founded: July 1944, Bretton Woods, New Hampshire, United States;
- World Bank Founders: John Maynard Keynes, Harry Dexter White.