Indiaspora applauds the nomination of Ajay Banga for President of the World Bank.

India Post News Service

WASHINGTON, D.C.: Indiaspora has released the following statement in response to the announcement of President Joe Biden’s nomination of Ajay Banga, an Indiaspora Founders Circle member, as President of the World Bank.

MR Rangaswami, Indiaspora Founder and Chairman, said, “I am delighted that Ajay has been nominated by President Biden to lead the World Bank. It is great to see such an eminently qualified Indian-American nominated for this prestigious international leadership role. Especially relevant, given recent commentary around the Bank’s mission and objectives, is that Ajay brings a sharp focus on climate resiliency and environmental sustainability. In nominating him to this position, the President has made an inspired choice.”

Sanjeev Joshipura, Indiaspora’s Executive Director, commented, “Ajay Banga’s global private sector background, during which he initiated and led Mastercard’s financial inclusion efforts, will be of immense value in enhancing his effectiveness as World Bank President. Moreover, as the first Indian-born nominee to this role, he brings a lived understanding of the challenges faced by developing nations. Large, complex and multifaceted problems, such as those the World Bank endeavors to resolve, are not new for Ajay to handle.”

Banga is currently Vice Chairman at private equity firm General Atlantic, having become an advisor to General Atlantic’s BeyondNetZero venture at its inception in 2021. He was born and educated in India before becoming a U.S. citizen in 2007, and would replace David Malpass.

Ajay is a global leader in technology, data, financial services and innovating for inclusion. Ajay has more than 30 years of business experience, including heading Mastercard and serving on the boards of the American Red Cross, Kraft Foods and Dow Inc. He serves as Honorary Chairman of the International Chamber of Commerce, having served as Chairman from 2020 to 2022. He is also Chairman of Exor and Independent Director at Temasek.

Ajay is a member of the Trilateral Commission, the Co-Chair of the Partnership for Central America, 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. Among his many distinguished recognitions, Ajay has notably been awarded the Padma Shri Award by the President of India in 2016; the Distinguished Friends of Singapore Public Service Star in 2021.