The President of the United States of America (United States), Joe Biden, appointed Indian Ajay Banga as President of the World Bank, and now it remains to get to know this veteran figure on Wall Street better.
The news was reported by the Financial Times, which adds that the 63-year-old CEO describes himself as “made entirely in India”, and the appointment could be a way to help win the support of developing countries, some of which are worried about a shift in the focus of the institution. From poverty to climate change.
It is also known that he is currently Vice President of General Atlantic, the US private equity group, and was CEO of the payments company Mastercard until the end of 2020.
He is also chairman of Exor Investment Holdings, which controls Italian football club Juventus, and is also an independent director at Temasek, the government investment fund in Singapore.
Regarding this appointment in particular, the international newspaper quoted a senior US official who confirmed that Washington was “proud” to present a candidate who was born, raised and “spent an early part of his career in the emerging market in India.”
Moreover, the official said, “This is also part of his professional personality and what he will do at the World Bank.”
It should be noted that at the moment, Banga is a naturalized US citizen who has spent nearly a decade at Mastercard, at a time of full growth for the company.
Still seen as a champion of global financial inclusion, he was also among dozens of business leaders calling on governments in an open letter to do more to reduce emissions ahead of the COP26 climate summit in 2021.
It should be remembered that this appointment comes about a week after the unexpected departure of David Malpass, whose term only expired in 2024 and comes at a time when the United States and other shareholders are seeking to expand the foundation’s mission to combat climate change.
It should be noted that the United States is the largest shareholder of the World Bank, and traditionally chooses the CEO, as it were, but needs the support of other member states, namely China, Japan, Germany, France and the United Kingdom.
According to the Financial Times, G20 finance ministers will now discuss the future of the bank at a meeting in Bangalore (India) this Friday, and nominations should close on March 29. The new president is expected to take office in May.
The World Bank announces a new president in early May
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