INSUBCONTINENT EXCLUSIVE:
WASHINGTON: US President Joe Biden is nominating former Mastercard CEO, India-born Ajay Banga, to be head the World Bank, the White House
Banga, who was born in Pune cantonment (Khadki) and whose father Harbhajan Singh Banga is a retired lieutenant-general who served in the
Indian Army, will succeed David Malpass, who revealed previously this month that he intends to resign four years into his five-year term
Malpass was nominated to the position by President Trump
The World Bank president, by convention, is an American candidate, Washington being the Banks most significant stakeholder
Ajay is uniquely equipped to lead the World Bank at this defining moment in history
He has spent more than 3 decades constructing and managing effective, international companies that create jobs and bring financial
investment to establishing economies, and directing organizations through periods of fundamental change
He has a proven track record managing individuals and systems, and partnering with worldwide leaders all over the world to deliver results,
Biden stated in a declaration
Banga, 63, likewise has important experience activating public-private resources to deal with the most immediate difficulties of our time,
consisting of climate modification, Biden added, keeping in mind that he was raised in India and therefore has a special viewpoint on the
opportunities and obstacles facing establishing nations and how the World Bank can deliver on its enthusiastic program to decrease hardship
Banga went to school in Hyderabad, India and graduated from St
Stephens College in Delhi prior to earning a management degree from IIM, Ahmedabad
He began his professional profession in Nestle, relocated to Pepsico and later on Citi, before topping a business profession when he ended
up being CEO of Mastercard in 2010, holding the position till 2020
He is currently vice-chairman at General Atlantic
The White House declaration announcing his nomination noted that he has actually previously served on the Boards of the American Red Cross,
Kraft Foods and Dow Inc, and worked carefully with Vice President Harris as the Co-Chair of the Partnership for Central America
He is also a member of the Trilateral Commission, a starting trustee of the United States -India Strategic Partnership Forum, a former
member of the National Committee on United States-China Relations, and Chairman Emeritus of the American India Foundation.A turbaned Sikh,
Banga is known commonly as an innovative thinker and a fantastic inspirational speaker
Among his oft-cited quote is one on the importance of variety: In Nature, you get punished for not being diverse enough
Being a panda and having bamboo as your only food source quite significantly increases your chances of becoming extinct
By the way, the World Banks chief economic expert is likewise a Sikh-- former Georgetown University and University of Chicago teacher
