Will we soon witness Indian Origin President of World Bank

Ajay Banga, a former Mastercard CEO, was nominated by US President Joe Biden on Thursday to manage the World Bank. On making the announcement, Biden highlighted Banga’s expertise in bringing together public and private resources to address pressing issues like climate change at a variety of organisations. Banga will be the first person of Indian ancestry to lead the World Bank, subject to confirmation by the Bank’s executive board, which is merely a formality given that the US, as the Bank’s largest shareholder, traditionally has the right to select the president.

While the head of the International Monetary Fund is normally European, the president of the World Bank is typically American.Banga, 63, is the vice chairman of the equity firm General Atlantic and the son of an Indian Army officer. He formerly served as Mastercard’s CEO. Banga, who was born in Pune, graduated with a bachelor’s in economics from St. Stephen’s College in Delhi before pursuing an MBA at the Indian Institute of Management in Ahmedabad.Banga was “uniquely suited,” according to a statement released by Biden on Wednesday, to lead the Bank at this crucial time. In addition to leading organisations through periods of fundamental transformation, he has spent more than three decades founding and managing prosperous, global businesses that attract investment to developing economies and generate jobs. He has a demonstrated track record of leading teams, managing systems, and collaborating with international leaders to produce results.