On Thursday, the president of America Mr. Joe Biden proposed the name of Indian-American businessman Ajay Banga to lead the “World Bank”. If the members of the World Bank approve the proposal, then Banga, 63, will become the first Indian-American leader of either of the two largest “international financial organizations,” the International Monetary Fund or the World Bank.
Before resigning less than a week ago, US banker David Malpass served as the World Bank Group’s president. A year before his five-year term is set to expire, on June 30, Malpass will step down. Donald Trump, the former president of America, chose him in 2019.
The Executive Directors of the World Bank’s vote will decide the confirmation of Banga. The United States’ nomination is typically chosen because it has the most votes. The “International Bank for Reconstruction and Development” (IBRD), often known as the “World Bank” and the “International Development Association”, has the “World Bank President as its ex officio chair.”
The IFC Board of Directors, the “Multilateral Investment Guarantee Agency”, and the Administrative Council of the “International Centre for Settlement of Investment Disputes” (ICSID) are among the other UN organizations they govern.
Mr. Banga was born in India. After graduating from Hyderabad Public School, he earned his graduation degree from Delhi University in Economics. Later on, he completed his MBA degree from IIM Ahmedabad.
He joined Nestle in year 1981, marking the beginning of his career then joined Citigroup and PepsiCo. After that, he served as CEO and president of a financial services company called MasterCard. In the year 2014, he met with the Prime Minister of India, Narendra Modi, in New York to explore India’s prospects in the US corporate world.
The Indian President presented Bangladesh with the Padma Shri in 2016. He was also a member of the Commission on Strengthening National Cybersecurity under the former president of America Mr. Barack Obama.