Ajay Banga will be a ‘transformative leader’ as World Bank chief: Biden hails Indian-origin business executive

Image Source : AP Joe Biden (left) and Ajay Banga (Right)

Joe Biden on Ajay Banga: After the top Indian-American business executive Ajay Banga was selected as the new chief of the World Bank, US President Joe Biden on Thursday heaps praises on him claiming he will be a “transformative leader”, who will bring expertise, experience, and innovation to his position.

“Ajay Banga will be a transformative leader, bringing expertise, experience, and innovation to the position of World Bank President. And together with World Bank leadership and shareholders, he will help steer the institution as it evolves and expands to address global challenges that directly affect its core mission of poverty reduction — including climate change,” Biden said.

Speaking further, the US President said Banga will also be integral in bringing together the public and private sectors, alongside philanthropies, to usher in the fundamental changes in development finance that this moment requires.

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Banga will play a critical role in evolving World Bank

Meanwhile, Treasury Secretary Janet Yellen said Banga will play a critical role in undertaking a vital effort to evolve the World Bank and other multilateral development banks to redouble their work on global challenges like climate change in a way that accelerates progress on national development priorities.

“His track record of forging partnerships between the public sector, private sector, and non-profits uniquely equips him to help mobilise private capital and press for the reforms needed to meet our shared ambitions. In doing so, the World Bank can serve as a force multiplier for good by setting the right agenda and catalysing action from across the spectrum,” she added.

Sitharaman congratulates Ajay Banga

Notably, India’s Finance Minister Nirmala Sitharaman also congratulated Banga on his appointment. “Hearty congratulations Ajay Banga on being selected as the President of @WorldBank,” she tweeted on Thursday.

“I am confident that you’ll bring your wide experience in the corporate world for meeting the goals of the Bank,” the minister tweeted from Incheon, South Korea, where she is attending the Asian Development Bank’s annual meeting.

World Bank selected Banga as the 14th President

On Wednesday, May 3, the Executive Directors of the World Bank selected Banga as the 14th President of the bank for a five-year term beginning June 2. He became the first-ever Indian-American to head the Washington-based bank and will replace David Malpass.

After he was nominated for this position, Banga spent the last couple of months travelling around the world, including India, and meeting with governments from the World Bank’s diverse shareholder base and stakeholders. Notably, the 63-year-old business executive has the experience of working with Nestle and Citigroup before joining Mastercard.

(With AP inputs)

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