India on Thursday extended support to the candidature of Ajay Banga as World Bank President, saying his nomination comes at a time when the multilateral lending agency is considering next-generation reforms.
Last month, US President Joe Biden announced that the US is nominating Ajay Banga to lead the World Bank, saying the Indian-American business leader is uniquely equipped to lead the global institution at "this critical moment in history." If confirmed by the World Bank Board of Directors, Banga would be the first-ever Indian-American and Sikh-American to head either of the two top international financial institutions: the International Monetary Fund and the World Bank.
Banga's rich experience will stand him in good stead at a time when the World Bank is considering next-generation reforms to deliver on its ambitious agenda to reduce poverty, expand prosperity and deal with the pressing global challenges of our times, it said. The White House had said Banga is a business leader with extensive experience leading successful organizations in developing countries and forging public-private partnerships to address financial inclusion and climate change.
He previously served on the Boards of the American Red Cross, Kraft Foods and Dow Inc. Ajay has worked closely with Vice President Kamala Harris as the Co-Chair of the Partnership for Central America. He is a member of the Trilateral Commission, a founding trustee of the US-India Strategic Partnership Forum, a former member of the National Committee on United States-China Relations, and Chairman Emeritus of the American India Foundation.
US President Joe Biden has made an "inspired choice" by nominating Ajay Banga to the crucial position of the World Bank President and his deep expertise in fields like financial inclusion and public-private partnerships make him a phenomenal leader to head the multilateral institution, according to eminent Indian Americans.
Biden on Thursday nominated Indian-American business leader Banga, 63, to lead the World Bank after World Bank Group President David Malpass recently announced his intention to step down from his position. If confirmed by the World Bank Board of Directors, Banga would be the first-ever Indian-American and Sikh-American to head either of the two top international financial institutions: the International Monetary Fund and the World Bank.
Banga's deep expertise and several years of experience in the fields of financial inclusion, public-private partnerships, and climate finance make him a phenomenal leader to head the multilateral institution, the US India Strategic and Partnership Forum (USISPF) said. Ajay has been instrumental in setting up USISPF as a founding board member and a vital pillar in our success over the last five years,” said Mukesh Aghi, president of USISPF.
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, the forum said. Sanjeev Joshipura, Indiaspora’s executive director said that 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.
"We congratulate Ajay Banga on being the U.S. nominee to lead the World Bank," Mastercard, where he was a former CEO, said in a tweet. He previously served on the Boards of the American Red Cross, Kraft Foods, and Dow Inc.
He is a member of the Trilateral Commission, a founding trustee of the US-India Strategic Partnership Forum, a former member of the National Committee on US-China Relations, and Chairman Emeritus of the American India Foundation. Banga is a co-founder of The Cyber Readiness Institute, Vice Chair of the Economic Club of New York, and served as a member of President Barack Obama’s Commission on Enhancing National Cybersecurity.
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