On Thursday, US President Joe Biden announced his nomination of Ajay Banga, a former Mastercard CEO of Indian descent, to head the World Bank. He was praised by President Biden for having significant expertise on issues like climate change.
The information was released just days after David Malpass, a Trump nominee, declared his intention to leave his position as director of the 189-nation body tasked with reducing poverty.
Who is Ajay Banga?
Ajaypal SinghBanga, a 63-year-old Indian-American, is presently vice chairman of the equity firm General Atlantic. Prior to this, he served as Mastercard's CEO. According to a statement from Biden, Banga has "important expertise leveraging public-private resources to solve the most serious challenges of our day, including climate change."
Prior to joining Mastercard, Ajay Banga spent more than ten years working for Citigroup and Nestlé in India. He also serves as chairman of Exor, a Dutch investment holding company. According to estimates, Ajay Bhanga is worth about $143 million.
Banga's capacity to adapt was boosted by his upbringing in several Indian cities as the son of lieutenant general Harbhajan Banga of the Indian army. However, his family hails from Punajb's Jalandhar.
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Ajay Banga received his elementary education from Hyderabad Public School. Banga then earned an MBA-equivalent PGP in Management from the Indian Institute of Management, Ahmedabad, after graduating with a Bachelor of Arts (Honors) in Economics from St. Stephen's College, Delhi University.
In 1981, Banga started his business career with Nestlé, and during the next 13 years, he held positions in sales, marketing, and general management. After joining PepsiCo, he took part in the opening of the company's worldwide restaurant franchises in India when the country's economy opened up. In 2016, the Indian government gave Banga the Padma Shri, a civil honour.
