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Metropolis Desk-
Indian-American businessman Ajay Banga was named the World Bank’s new president by US President Joe Biden on Thursday.
The vice chairman of the equity business General Atlantic is currently 63-year-old Banga. He formerly served as Mastercard, the industry leader in credit cards, as its CEO. He has also held positions at Citigroup and the multinational food company Nestle in Switzerland.
His appointment comes a day after the global lender with headquarters in Washington said it would choose a successor for David Malpass, who announced his resignation last week, by early May.
The US is the largest shareholder in the World Bank, and it has usually been permitted to choose the institution’s head according to its preferences.
On Thursday, Biden said that the executive, who was born in India, had a wealth of expertise in building public-private partnerships and successfully directing organizations in developing nations to address issues like financial inclusion and climate change.
In this crucial period of history, Ajay is ideally suited to manage the World Bank, according to Biden. He has spent more than three decades creating and managing prosperous, international businesses that provide investment to developing economies and jobs, as well as leading organizations through times of profound change.
To address the underlying reasons for migration in Northern Central America, Vice President Kamala Harris stated that she has worked closely with Banga on building a model of public-private collaboration.
In addressing the difficulties of fostering economic development and addressing the causes of migration, Harris remarked that Ajay “brought great insight, energy, and persistence.”
Banga will be a transformative World Bank president as the organization works to achieve its primary development goals and address urgent global issues, such as climate change, she continued.
Source- ndtv.com
