Indian Origin Ajay Banga Has been appointed as World Bank President by an executive board of 25 members for a five-year period, effective from 2nd June. Mr. Banga is a 63-year-old ex-CEO of Mastercard and a native of Pune. As a development and finance expert, he has been assigned the task of revitalizing the organization and enabling it to respond to the burning challenge of climate change and other global crises.
US President Joe Biden forwarded the nomination for Ajay Banga for World Bank Presidency in late February. According to Joe Biden, Mr. Ajay Banga is "uniquely equipped to lead the World Bank at this critical moment in history", as published in Money Control, also that he "has critical experience mobilizing public-private resources to tackle the most urgent challenges of our time, including climate change."
Mr. Banga has succeeded David Malpass, who happened to be the ex-US Treasury official and economist during the Donald Trump administration. He stepped down for Mr. Banga to hand over his position.
Mr. Banga was raised in India and reflects the unique perspective on handling challenges and opportunities that developing countries face. He is also expected to facilitate the World Bank’s ambitious agenda of reducing poverty and other problems while maintaining prosperity.
Indians are leading the global market by being the decision makers of the organization and World Bank is just another addition to the string. Most of the CEOs in MNCs are Indian-Origin. No need to mention, their high educational background, hardworking attitude, intelligence, and motivating approach make them land a mark in the global market as good leaders, such as Sundar Pichai as CEO of Alphabet, Satya Nadella as CEO of Microsoft, and many more. If Google search to be believed, then 60 out of 500 companies listed by Fortune are Indians.