Ajay Banga: Ajay Banga created history, became the President of the World Bank, the first person of Indian origin to reach this post – indian-origin ajay banga is next world bank president

2023-05-03 16:10:15

New Delhi: Indian-origin Ajay Singh Banga has been elected as the President of the World Bank. The 25-member Executive Board of the World Bank has elected him to this post for five years. His tenure will start from June 2. The 63-year-old Banga, who was the CEO of Mastercard, was nominated for the post by US President Joe Biden in late February. He was the only contender for the post, so his appointment was considered confirmed. He is the first Indian-American to reach it. Till now no person of Indian origin had reached this position in the International Monetary Fund (IMF) or the World Bank. Singh holds a degree in Economics from St. Stephen’s College, University of Delhi. American citizen Banga was due to retire in December 2021 following being the head of Mastercard Inc for nearly 12 years. He will replace David Malpas. Although his five-year term was to end in April 2024, he had decided to step down before that. Banga has expertise in the financial and technological sectors. Also, he has vast experience of leading large organizations. Banga, 63, has over 30 years of business experience and has held various positions with Mastercard. He has also served on the boards of the American Red Cross, Kraft Foods, and Dow Inc. He was awarded the Padma Shri in 2016. US President Joe Biden announced last month that his country was nominating Ajay Singh Banga for the post of World Bank President. He said that Banga has all the qualities to lead the world at this critical time in history. Ajay has served as co-chair of the Partnership for Central America with US Vice President Kamala Harris. He is also a member of the Trilateral Commission. Ajay has been a founding trustee of the US-India Strategic Partnership Forum as well as a member of the National Committee on United States-China Relations. He is also the Chairman Emeritus of the American India Foundation.

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It was believed that Banga would become the President of the World Bank. The reason for this was that apart from him, no one else had filed nomination for this post. Historically, the command of the World Bank has been in the hands of America while the President of IMF is European. The last date for filing nominations for the World Bank President was March 29, but no one presented his claim. China had objections to Banga’s name and said it might support any other candidate. But Banga got tremendous support from major countries around the world including India. US Treasury Secretary Janet Yellen supported him and said that the next few months would see significant changes in the World Bank. Banga will prepare the World Bank to meet the challenges of the 21st century. This will enable the bank to achieve the goals of poverty alleviation and development.

Ajay Singh Banga was born in a Sikh family in Pune, Maharashtra. His father was an army officer, so his childhood was spent in many cities of the country. He earned an economics degree from St. Stephen’s College, University of Delhi and then did his MBA from IIM, Ahmedabad. He joined Nestlé in the 1980s and held various positions in the company for nearly a decade. He then joined PepsiCo Inc. and helped the company launch fast-food franchises in India. According to a report, the estimated net worth of Ajay Banga as of 14 July 2021 was around $206 million dollars. He owned over 60,000 units of Mastercard stock worth over $113,123,489. He has sold more than $69,986,261 worth of MA stock over the last 13 years.

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