Washington: US President Joe Biden has said that the new head of the World Bank, Ajay Banga, will prove to be a transformative personality who will work with expertise, experience and innovation in the international financial institution. Banga, formerly the chief executive officer (CEO) of Mastercard, was on Wednesday appointed as the president of the World Bank. Banga is the first person of Indian origin to head this prestigious institution. Joe Biden said, ‘Ajay Banga will prove to be a transformative personality who will work with expertise, experience and innovation in the international financial institution. Together with the leadership of the World Bank and the stakeholders, he will try to take the institution forward.
He said, “Ajay will play an important role in bringing the private and public sectors together with philanthropy, so that the fundamental changes necessary for an advanced economy can be made and this is also the need of the hour.” Finance Minister Janet Yellen said that Banga will play a key role in the efforts to grow the World Bank. Banga was nominated for this post by Biden himself. Banga has also worked with US Vice President Kamala Harris. He was co-head of the Partnership for Central America.
Banga, who is the Honorary President of the International Chamber of Commerce during the year 2020-22, is also the Chairman of Axar Company and an Independent Director of Temasek. Prior to this, he has also been a part of the Board of Directors of American Red Cross, Kraft Foods and Dow Inc. He also served as a founding trustee of the US-India Strategic Partnership Forum and as a member of the Cyber-Security Commission under former President Barack Obama.
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