iNDICA NEWS BUREAU-
Applause and appreciation have started flowing in after President Joe Biden nominated Ajay Banga, vice chairman of General Atlantic and a former president and chief executive of MasterCard, to be the next president of the World Bank.
USISPF congratulated its founding member, Banga. USISPF President and CEO, Mukesh Aghi said “Ajay is a tireless believer in both the strength of US-India ties and strengthening the relationship even further. He has been instrumental in setting up USISPF as a founding board member and a vital pillar in our success over the last five years. Ajay’s background in his early years in India, gives him a deep understanding of the emerging market world and bridging the gaps in gender parity and working towards poverty alleviation, issues at the core ethos of the World Bank’s mission”.
“Banga’s work with Citigroup, Mastercard, General Atlantic, and USISPF will allow for a seamless transition to mobilizing resources in public-private partnerships to tackle issues on climate, water resources, food security, and healthcare. It’s another proud chapter in the success stories of the Indian-American diaspora, and I wish Ajay all the best for this new inning,” said Aghi.
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, the vice chairman at private equity firm General Atlantic, became 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. A global leader in technology, data, financial services, and innovation for inclusion, Banga 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.
Banga 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 awards, Ajay has been awarded the Padma Shri Award by the President of India in 2016, and the Distinguished Friends of Singapore Public Service Star in 2021.