Tag: Banga

World Bank taps Banga as next leader

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Banga’s selection was not unanimous. Russia, which had previously said it was considering putting forward its own candidate for the job but ultimately did not, abstained from the vote, said a person close to the selection process. A senior administration official said the board’s votes are “strictly confidential” but that Banga was “elected with resounding approval.”
The position of World Bank president traditionally goes to an American citizen. Banga holds U.S. citizenship but was born and raised in India.
Banga will now oversee the World Bank’s pivot as it aims to become a dominant player in climate finance and help low-income economies bankroll the transition to cleaner energy sources and manufacturing processes.
But those priorities will cost trillions of dollars that shareholders like the U.S. and European Union are not eager to spend at the moment. What’s more, the bank must also contend with other pressing needs facing the world’s poorest countries, including rising food insecurity and unsustainable levels of debt.
“Ajay understands that the challenges we face — from combating climate change, pandemics, and fragility to eliminating extreme poverty and promoting shared prosperity — are deeply intertwined,” Treasury Secretary Janet Yellen said in a statement.
The bank has begun adopting reforms that will “sharpen” its mission, Yellen continued, adding that “our ambitious goals will not be met overnight, and we remain committed to a staged adoption of reforms over the course of the year to build on the vision we have laid out.”
The White House recognizes that the World Bank faces a pivotal moment as countries face concerning levels of debt and the global economy continues to contend with the effects of the coronavirus pandemic and Russia’s war in Ukraine, a second senior administration official told reporters Wednesday.
“Getting the evolution of the World Bank right is absolutely critical to meeting the moment,” the second official said, adding that Biden believes Banga “has the track record and the know how to rise to the occasion and make sure the World Bank delivers for the globe.”

Banga was the president and chief executive officer of credit card giant Mastercard from 2010 to 2020 and remained the company’s executive chairman for a year after that. He left to join General Atlantic, one of the world’s largest private equity firms, where he served as vice chairman.
The World Bank’s current president, David Malpass, announced earlier this year that he would step down in June. Malpass was nominated by then-President Donald Trump in 2019 and selected for a five-year term.
Adam Behsudi contributed to this report.
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( With inputs from : www.politico.com )

May 4, 2023
Ajay Banga becomes World Bank chief unopposed

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Washington: Indian-American business leader Ajay Banga was on Wednesday appointed as the next President of the World Bank, which said it looks forward to working with him on the World Bank Group Evolution process.
“The Executive Directors of the World Bank today selected Ajay Banga as President of the World Bank for a five-year term beginning June 2, 2023,” the bank said in a press statement.
In February, President Joe Biden announced that the US would be nominating Banga, 63, to lead the World Bank because he is “well equipped” to lead the global institution at “this critical moment in history.”

“The Board looks forward to working with Mr. Banga on the World Bank Group Evolution process, as discussed at the April 2023 Spring Meetings, and on all the World Bank Group’s ambitions and efforts aimed at tackling the toughest development challenges facing developing countries,” the statement added.
The former Mastercard Inc. chief, Banga currently serves as Vice Chairman at General Atlantic.
Banga is 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.
Raised in India, Banga has a unique perspective on the opportunities and challenges facing developing countries and how the World Bank can deliver on its ambitious agenda to reduce poverty and expand prosperity, President Biden had said.
He has also worked closely with Vice President Harris as the Co-Chair of the Partnership for Central America.

He was awarded the Padma Shri in 2016.
Banga is expected to take over the reins of the anti-poverty lender at a crucial time, with the US and Western nations pitching for reforms to focus on addressing a slew of wide-ranging global issues like climate change.
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( With inputs from www.siasat.com )

May 3, 2023
Indian-American Ajay Banga sole nominee to lead World Bank

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Washington: The World Bank has said that Indian-American Ajay Banga is the only candidate nominated for the President’s position as the nomination period closed on March 29.
The World Bank announced that Ajay Banga will be considered for the position.
In a press release issued on its website, the World Bank said, “The World Bank Group’s Board of Executive Directors today confirmed that, as announced on February 22, the period for submitting nominations for the position of the next President of the World Bank Group closed on Wednesday, March 29 at 6:00 pm ET.”
The World Bank further said, “The Board received one nomination and would like to announce that Mr. Ajay Banga, a U.S. national, will be considered for the position.” The World Bank said that a formal interview will be conducted with the candidate in Washington DC.
The World Bank in a statement said that a formal interview will be conducted with the candidate. It said, “In accordance with established procedures, the Board of Executive Directors will conduct a formal interview with the candidate in Washington D.C., and expect to conclude the Presidential selection in due course.”
In February, US President Joe Biden nominated former Mastercard CEO Ajay Banga to lead the World Bank. In a statement, Biden noted that Ajay Banga is “uniquely” equipped to lead the World Bank at a critical moment in history.
Biden’s statement reads, “Ajay is uniquely equipped to lead the World Bank at this critical moment in history. He has spent more than three decades building and managing successful, global companies that create jobs and bring investment to developing economies and guiding organizations through periods of fundamental change. He has a proven track record managing people and systems, and partnering with global leaders around the world to deliver results.”
In his statement, US President Joe Biden noted, “Raised in India, Ajay has a unique perspective on the opportunities and challenges facing developing countries and how the World Bank can deliver on its ambitious agenda to reduce poverty and expand prosperity.”

Biden’s decision came after World Bank Group President David Malpass informed the Board of Executive Directors of his intention to step down from his position by the end of the Bank Group’s fiscal year on June 30.
Banga currently serves as Vice Chairman at General Atlantic. Previously, he was President and CEO of Mastercard, leading the company through a strategic, technological and cultural transformation, according to the statement released by the White House.
Over the course of his career, Ajay Banga has become a global leader in technology, data, financial services and innovating for inclusion. He is the honorary Chairman of the International Chamber of Commerce, serving as Chairman from 2020-2022. He is also Chairman of Exor and Independent Director at Temasek. He became an advisor to General Atlantic’s climate-focused fund, BeyondNetZero, at its inception in 2021.
Previously, Ajay Banga served on the Boards of the American Red Cross, Kraft Foods and Dow Inc. He has worked closely with Vice President Harris as the Co-Chair of the Partnership for Central America. He is a member of the Trilateral Commission, 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.
Previously, Ajay Banga has served on the Boards of the American Red Cross, Kraft Foods and Dow Inc. He has worked closely with US Vice President 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.
He 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 Obama’s Commission on Enhancing National Cybersecurity, according to the statement released by the White House. He is a past member of the U.S. President’s Advisory Committee for Trade Policy and Negotiations.
Ajay Banga was awarded the Foreign Policy Association Medal in 2012, the Padma Shri Award by the President of India in 2016, the Ellis Island Medal of Honor and the Business Council for International Understanding’s Global Leadership Award in 2019, and the Distinguished Friends of Singapore Public Service Star in 2021.
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( With inputs from www.siasat.com )

March 31, 2023
Ajay Banga poised to become World Bank chief unopposed

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Washington: Indian-American business leader Ajay Banga is poised to become the next President of the World Bank after the nomination period closed and no country proposed an alternate candidate for the prestigious post.
In February, President Joe Biden announced that the US would be nominating Banga to lead the World Bank because he is “well equipped” to lead the global institution at “this critical moment in history.”
The World Bank on Wednesday closed a month-long window for nominations for its next president, with no alternatives announced to 63-year-old Banga.
The former Mastercard Inc. chief, Banga currently serves as Vice Chairman at General Atlantic.
The bank’s board is expected to announce the next steps in its selection process on Thursday, with a view to confirming a new leader by early May.
“Over the next few months, you will see the World Bank undergo an important transition. We expect that Ajay Banga President Biden’s nominee will be elected President of the World Bank,” US Treasury Secretary Janet Yellen told lawmakers at a Congressional hearing on Wednesday.
“He will be charged with accelerating our progress to evolve the institution to better address 21st century challenges. This evolution will help the Bank deliver on its vital poverty alleviation and development goals,” Yellen said.
If confirmed, Banga would become 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 is expected to replace the current World Bank president David Malpass, who will step down in June, nearly a year before his term is scheduled to expire.
Malpass faced strong criticism over the bank’s commitment to climate action and over his personal views on climate change.
Last week, reports emerged that China sounded doubtful about backing Banga, saying it is “open” to supporting “other potential candidates” based on merit.
Banga, however, received overwhelming support from major countries across the world, including India.
Following Banga’s nomination, he has travelled to several countries for support.
A coalition of 55 advocates, academics, executives, luminaries, and former government officials — including four Nobel Laureates — wrote an open letter to welcome and support Banga’s nomination as the next President of the World Bank.
Raised in India, Banga has a unique perspective on the opportunities and challenges facing developing countries and how the World Bank can deliver on its ambitious agenda to reduce poverty and expand prosperity, President Biden had said.
He has also worked closely with Vice President Harris as the Co-Chair of the Partnership for Central America.
He was awarded the Padma Shri in 2016.
Banga is expected to take over the reins of the anti-poverty lender at a crucial time, with the US and Western nations pitching for reforms to focus on addressing a slew of wide-ranging global issues like climate change.
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( With inputs from www.siasat.com )

March 30, 2023
Ajay Banga tests positive for COVID-19 during routine testing in Delhi

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Washington: World Bank presidential nominee Ajay Banga has tested positive for COVID-19 during routine testing in New Delhi where he was travelling on the last leg of his world tour, and is currently quarantining in isolation, the Department of Treasury said Thursday.
India is witnessing a spike in influenza and coronavirus cases in the past two weeks. The country has recorded 1,134 new coronavirus cases, while the active cases increased to 7,026, according to Union Health Ministry data updated on Wednesday.
Banga’s New Delhi visit (March 23 and March 24) is the final stop on his three-week global tour that began in Africa before progressing to Europe, Latin America and Asia.
“During routine testing, Ajay Banga tested positive for COVID-19 but remains asymptomatic. In adherence with local guidelines, he is quarantining in isolation,” the Department of Treasury said Thursday afternoon.
While in India, 63-year-old Banga was scheduled to meet Prime Minister Narendra Modi as well as the Minister of Finance Nirmala Sitharaman and the Minister of External Affairs Subrahmanyam Jaishankar, the Treasury said in a previous statement.
India endorsed Banga’s candidacy soon after his nomination was announced.
Since then, a diverse coalition of governments has expressed their support for Banga, including Bangladesh, C te d’Ivoire, Colombia, Egypt, France, Germany, Ghana, Italy, Japan, Kenya, Saudi Arabia, the Republic of Korea, and the United Kingdom.
During his global listening tour, Banga met with senior government officials, stakeholders, business leaders, entrepreneurs, and civil society.

Along the way, he has built continuous momentum for his candidacy, gaining the support of advocates, academics, development experts, executives, Nobel Laureates, and former government officials.
If elected to serve, Banga will draw from his experience living and working in emerging markets and his expertise in forging public-private partnerships to mobilise investments and action to confront longstanding challenges.
That includes his efforts at Mastercard to successfully bring 500 million previously unbanked people into the digital economy, as well as its support for 50 million small businesses.
New Delhi logged 84 coronavirus cases with a positivity rate of 5.08 per cent on Wednesday, according to data shared by the health department.
The city has seen an increase in the number of fresh Covid infections over the last few days, amid a sharp rise in H3N2 influenza cases in the country.
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( With inputs from www.siasat.com )

March 24, 2023
With Banga nomination, top World Bank positions to held by Sikhs

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Washington: With US President Joe Biden nominating Ajay Banga, the former Indian American head of Mastercard, to head the World Bank, the top posts in the global financial institution will be held by Sikhs.
Before Banga, who is slated to take up job – which, by convention, been reserved for a US citizen – this May, the World Bank already has a Sikh in a top post, with Indermit Singh Gill its Chief Economist.
He is primarily known for pioneering the concept of the “middle-income trap” to describe how countries stagnate after reaching a certain level of income.
Gill, an Indian citizen, studied at St Paul’s School, Darjeeling and St. Stephen’s College, Delhi – where he was probably just a year (or perhaps two) junior to Banga.
Like Banga, Gill is also the son of a senior Indian Army officer.
Before taking over as Chief Economist on September 1, 2022, Gill served as the World Bank’s Vice President for Equitable Growth, Finance, and Institutions, where he played a key role in shaping its response to the extraordinary series of shocks that have hit developing economies since 2020. Between 2016 and 2021, he was a professor of public policy at Duke University and a non-resident senior fellow at the Brookings Institution’s Global Economy and Development program.
Widely regarded for his contributions to development economics, Gill spearheaded the influential 2009 World Development Report on economic geography, as per his World Bank profile. He has published extensively on key policy issues facing developing countries among other things, sovereign debt vulnerabilities, green growth and natural-resource wealth, labour markets, and poverty and inequality.
Gill has also taught at Georgetown University and the University of Chicago. He holds a Ph.D. in economics from the University of Chicago

Biden’s nomination of Banga follows his Democratic predecessor, Barack Obama nominating Korean-American ‘Jim’ Yong Kim for World Bank chief to ensure that the World Bank is headed by someone with a developing-country background
Biden was then Vice President.
If confirmed by the World Bank Board, Bang will be the first person of Indian descent to head the World Bank. He will succeed David Malpass, who was appointed to head the bank by then President Donald Trump.
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( With inputs from www.siasat.com )

February 24, 2023
Ajay Banga, one of the illustrious alumni of Hyderabad Public School

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Hyderabad: Ajaypal Singh Banga, who has been nominated by US President Joe Biden to lead the World Bank, is one of the illustrious alumni of Hyderabad Public School (HPS) who achieved top positions in their respective fields.
The former Mastercard Chief Executive had his schooling at HPS in the 1970s when his father Harbhajan Singh Banga, an army officer, was posted here.
Banga received Padma Shri in 2016
Banga, 63, was earlier awarded Padma Shri by Indian Government in 2016.
“Ajay is uniquely equipped to lead the World Bank at this critical moment in history,” President Biden said in a statement.
Ajay Banga, an Indian-American, is currently serving as vice chairman at equity firm General Atlantic.
“He has spent more than three decades building and managing successful, global companies that create jobs and bring investment to developing economies, and guiding organisations through periods of fundamental change.
“He has a proven track record managing people and systems, and partnering with global leaders around the world to deliver results,” Biden said.
Banga also has critical experience mobilising public-private resources “to tackle the most urgent challenges of our time, including climate change,” the US President said.

Ajay Banga is one of the distinguished alumni in the long list that includes Microsoft CEO Satya Nadella, India’s former permanent representative at the United Nations Syed Akbaruddin, Andhra Pradesh Chief Minister Y.S. Jagan Mohan Reddy and well-known cricket commentator Harsha Bhogle.
HPS has produced leaders in different fields
The premier educational institution of the city has also churned out powerful corporate honchos like founder and CEO of Fairfax Financial Holding Prem Watsa, Adobe Systems CEO Shantanu Narayan, Satya Nadella besides Ajay Banga.
The HPS alumni rose to great heights of success and fame in different fields like business, politics, civil services, armed forces, sports and films.
Cobra beer founder and a member of UK Parliament Karan Billimoria, former Andhra Pradesh Chief Minister N. Kiran Kumar Reddy, All India Majlis-e-Ittehadul Muslimeen (AIMIM) chief and Hyderabad MP Asaduddin Owaisi, former cricketer Venkatpathy Raju and Telugu actors Akkineni Nagarjuna and Rana Daggubati are among the other alumni of the school which is celebrating its centenary this year.
“It could not have come at a better time,” Gusti Noria, President, The Hyderabad Public School Society, told IANS while reacting to Banga’s nomination for World Bank president.
“I am not entirely surprised, but this is something we are proud of. Good news keeps coming for HPS,” he said.
“It has become the habit for HPS to churn out gems. There is something in the DNA of HPS, something in the air the students breathe in,” he said.
He pointed out that Banga has joined the list of illustrious alumni who achieved top positions in their respective fields.
“HPS has produced leaders in different fields. This is because the sense of leadership is inculcated among children. The students develop leadership qualities from a young age and this helps them go places in whatever field they choose for themselves,” he said.
Banga, who passed out of HPS in 1976, graduated with a Bachelor of Arts in economics from St. Stephen’s College, Delhi University followed by PGP in Management from the Indian Institute of Management, Ahmedabad.
Starting his business career with Nestle in 1981, Banga became president and CEO of Mastercard in 2010. Last year, he became vice chairman at General Atlantic.
Inspired by the famous Eton College of Britain, VIIth Nizam Mir Osman Ali Khan, the last ruler of Hyderabad State founded HPS in 1923. It was exclusively meant for the sons of the nobility.
It was only in 1951 that the HPS opened its doors for public. Even after Independence and Hyderabad State’s merger with Indian Union, the school had the elitist tag as children of only powerful politicians, wealthy businessmen, IAS and IPS officers and celebrities used to get admission.
The school started admitting girls in 1984. HPS, which started with six students in 1923, today has nearly 3,000 students. It is run by a society comprising eminent people from all walks of life.
Spread over 130 acres in Begumpet near the old airport in the heart of the city, HPS is said to have the largest campus than Vatican City. Its main building is a heritage structure while the campus has trekking routes, rock-formations, two cricket fields, athletic arena and several hockey, football grounds and a big library.
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( With inputs from www.siasat.com )

February 24, 2023
Biden nominates Indian-American Ajay Banga for World Bank president

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Washington: President Joe Biden on Thursday 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.”
Banga, 63, currently serves as Vice Chairman at General Atlantic. Previously, he was President and CEO of Mastercard, leading the company through a strategic, technological and cultural transformation. He was awarded the Padma Shri in 2016.
“Ajay is uniquely equipped to lead the World Bank at this critical moment in history,” President Biden said in a statement.
“He has spent more than three decades building and managing successful, global companies that create jobs and bring investment to developing economies, and guiding organisations through periods of fundamental change.
“He has a proven track record managing people and systems, and partnering with global leaders around the world to deliver results,” Biden said.
Banga also has critical experience mobilising public-private resources “to tackle the most urgent challenges of our time, including climate change,” the US President said.
Raised in India, Banga has a unique perspective on the opportunities and challenges facing developing countries and how the World Bank can deliver on its ambitious agenda to reduce poverty and expand prosperity, he added.
Over the course of his career, Banga has become a global leader in technology, data, financial services and innovating for inclusion. He is honorary chairman of the International Chamber of Commerce, serving as chairman from 2020-2022. He is also chairman of Exor and independent director at Temasek.

He became an advisor to General Atlantic’s climate-focused fund, BeyondNetZero, at its inception in 2021. He previously served on the Boards of the American Red Cross, Kraft Foods and Dow Inc.
Banga, who has worked closely with Vice President Kamala Harris as the Co-Chair of the Partnership for Central America, 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.
He 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. He is a past member of the US President’s Advisory Committee for Trade Policy and Negotiations.
He was awarded the Foreign Policy Association Medal in 2012, the Ellis Island Medal of Honour and the Business Council for International Understanding’s Global Leadership Award in 2019, and the Distinguished Friends of Singapore Public Service Star in 2021.
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( With inputs from www.siasat.com )

February 23, 2023
Biden nominates Banga, former Mastercard CEO, to head World Bank

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Ajay Banga, president and CEO of MasterCard, speaks during a press conference at the National Press Club, Dec. 17, 2018, in Washington, D.C. | Win McNamee/Getty Images
President Joe Biden on Thursday nominated Ajay Banga, the former CEO of Mastercard, to lead the World Bank.
Biden said in a statement that Banga is “uniquely equipped to lead the World Bank at this critical moment in history.” World leaders have called on the international financial institution to rethink how it addresses emerging global crises like climate change, food security and the coronavirus pandemic.
The nomination comes just days after current World Bank President David Malpass announced he would resign by July, months ahead of when the Trump administration-nominated president’s term expired.
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( With inputs from : www.politico.com )

February 23, 2023