• Home
  • Advertisement
  • Contact Us
  • Privacy & Policy
  • Other Links
Saturday, June 3, 2023
Daily The Business
  • Login
  • Home
  • World
  • Economy
  • Opinion
  • Markets
  • Tech
  • Real Estate
No Result
View All Result
Subscribe
DTB
  • Home
  • World
  • Economy
  • Opinion
  • Markets
  • Tech
  • Real Estate
No Result
View All Result
DTB
Home International

U.S: Biden pick India-origin Ajay Banga cleared to get top World Bank job

by DTB
May 4, 2023
in International, Top News
Reading Time: 4 mins read
125 8
A A
0
38
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter

The Biden administration’s choice to run the World Bank — former Mastercard CEO Ajay Banga — appears to have a lock on the job.

The World Bank said Thursday that Banga was the only candidate nominated in a search that began more than a month ago.

Banga, currently vice chairman at private equity firm General Atlantic, has more than 30 years of business experience, having served in various roles at Mastercard and the boards of the American Red Cross, Kraft Foods, and Dow Inc.

The Executive Directors of the @WorldBank today selected Ajay Banga as the President of the World Bank. Mr. Banga begins his five-year term on June 2, 2023.

Read the news release: https://t.co/xeSDLCwGUn pic.twitter.com/2Q2MVT0VBH

— World Bank (@WorldBank) May 3, 2023

The current president of the 189-nation poverty-fighting organization, David Malpass, announced last month that he would step down in June, nearly a year before his five-year term was due to expire in April 2024.

Ajay Banga, nominated by President Joe Biden for the post, is the first-ever Indian American to head the bank.

He will replace David Malpass, who had sparked outcry by appearing to question the role of humans in climate change.

He begins his five-year term on 2 June.

Indian origin first Sikh American #AjayBanga will be the next @WorldBank president. pic.twitter.com/9AVe7qhKZL

— Gurshamshir Singh (@gurshamshir) May 3, 2023

A transformative leader

Now a US citizen, Banga started his career in his native India, where his father was an officer in the army. He worked at Nestle and Citigroup before joining Mastercard where he stayed for more than a decade.

US President Joe Biden called him “a transformative leader” who had the experience to run the World Bank.

“He will help steer the institution as it evolves and expands to address global challenges that directly affect its core mission of poverty reduction — including climate change,” Biden said.

In announcing Banga’s confirmation, the bank’s executive directors said in a statement that they looked forward to working with him “on all the World Bank Group’s ambitions and efforts aimed at tackling the toughest development challenges facing developing countries.”

Made in India Made for the World
Congratulations AjajJi @WorldBank

Indian-American business executive Ajay Banga was selected on Wednesday as the World Bank's new president. "The board looks forward to working with Mr Banga on the World Bank Group Evolution process," the board… pic.twitter.com/X72GoUPLBc

— Ravi Karkara (@ravikarkara) May 3, 2023

US in charge of the selection

The United States has traditionally picked the World Bank chief, which lends billions of dollars to countries each year. The head of its sister agency, the International Monetary Fund, has traditionally come from Europe. But critics have called for an end to that arrangement and for developing countries to gain a bigger voice in the two organizations.

Developing countries have in the past complained about this, but Banga was the only candidate for president.

“Ajay was elected with resounding approval from the executive directors, and will start his mandate with incredibly strong support from the membership of the World Bank,” a senior US official said about the vote.

Banga’s appointment comes at a consequential moment for the development organisation.

PMLF congratulates Indian-born, American business executive and Padma Shri recipient, Shri Ajay Banga for being appointed as the President of the @WorldBank.

We wish him a successful tenure and hope that World Bank continues to promote shared prosperity on global stage. pic.twitter.com/SCxTPutmht

— Pranab Mukherjee Legacy Foundation- PMLF (@CitiznMukherjee) May 3, 2023

Climate change top agenda

The US and other wealthy nations have been pushing the bank to increase its lending to fight climate change. The bank’s $100 billion per year or so of loans to help developing countries cope with climate change falls far short of the $1 trillion they say is needed.

Many developing nations are worried the focus on climate change will divert attention away from its anti-poverty efforts.

Congratulations to Ajay Banga for being confirmed as the new president of the World Bank! As a former CEO of Mastercard, he brings a wealth of experience and knowledge to the role. Excited to see his impact on the global community. #AjayBanga #WorldBank #WorldBankPresident pic.twitter.com/G8LP8wFiY3

— Anand Mohan 🇮🇳 (@AnandMo00714761) May 4, 2023

Developing countries have been hard hit by the pandemic, rises in food and in energy prices, and unsustainable levels of debt.

As president of the World Bank, Banga will have to address these issues – all without any clear additional money on the table.

In an interview in March, when Banga was on a listening tour in Africa, he said he wanted the bank to be a “catalyst” and “thought leader” for action,

“We also need to bring in the private sector to be able to reach these ambitious targets that we all have,” he said.

Tags: Ajay BangaClimate ChangeIndiaJoe BidenMastercardWorld Bank
DTB

DTB

American Dollar Exchange Rate
  • Trending
  • Comments
  • Latest
How to avoid buyer’s remorse when raising venture capital

How to avoid buyer’s remorse when raising venture capital

July 2, 2022
Dubai's real estate sector

Dubai: Villa prices post double-digit growth in August 2021

October 23, 2021
9th World Strength Lifting & Incline Bench Press Championship 2022

9th World Strength Lifting & Incline Bench Press Championship 2022 Kyrgyzstan

September 10, 2022
real estate transactions in Dubai

AED7.2 bn in week-long real estate transactions in Dubai

October 23, 2021
Afghanistan remittance payouts limited to local currency -sources

Afghanistan remittance payouts limited to local currency -sources

0
Saudi Arabia Bans Ministers From Sitting on Company Boards

Saudi Arabia Bans Ministers From Sitting on Company Boards

0
SAIF Zone takes part in The Big 5

SAIF Zone takes part in The Big 5

0
Jafza to showcase its core competencies

Jafza to showcase its core competencies in the construction and building materials sector at The Big 5 2021

0
Russia's Wagner Group chief threatens to pull his mercenary army from fighting in Ukraine if war efforts continue to be 'led by clowns who turn people into meat'

Russia’s Wagner Group chief threatens to pull his mercenary army from fighting in Ukraine if war efforts continue to be ‘led by clowns who turn people into meat’

June 3, 2023
The $500 million robot pizza startup you never heard of has shut down, report says

The $500 million robot pizza startup you never heard of has shut down, report says

June 3, 2023
The wife of Texas Attorney General Ken Paxton may be one of the jurors in his impeachment trial — which could dive deep into his alleged extramarital affair

The wife of Texas Attorney General Ken Paxton may be one of the jurors in his impeachment trial — which could dive deep into his alleged extramarital affair

June 3, 2023
Best Life Insurance for Seniors in June 2023

Best Life Insurance for Seniors in June 2023

June 3, 2023
  • Home
  • Advertisement
  • Contact Us
  • Privacy & Policy
  • Other Links
Write us: info@dailythebusiness.com

© 2021 Daily The Business

No Result
View All Result
  • Advertisement
  • Contact Us
  • Homepages
    • Daily The Business
    • Home 2
    • Home 3
    • Home 4
    • Home 5
  • World
  • Economy
  • Opinion
  • Markets
  • Tech
  • Real Estate

© 2021 Daily The Business

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In