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Ajay Banga, President Biden’s nominee to lead the World Bank, is a successful businessman who has long worked to bring investment and jobs to developing countries.
In announcing his appointment as President of the World Bank, Banga praised his experience in leading companies that have expanded access to financial services and his ability to create effective partnerships.
“Ajay is uniquely equipped to lead the World Bank at this critical time in history,” Biden said on February 23. “He has a proven track record of managing people and systems and partnering with global leaders around the world to deliver results.
The World Bank, which consists of 189 member countries, provides loans, aid and technical assistance to developing countries to reduce poverty and improve lives. The International Financial Institution advises governments, businesses and communities on economic development. The World Bank’s Board of Trustees must confirm Banga’s nomination.
Banga, who now serves as the vice-chairman of General Atlantic Investment Company, is one of several Indian-Americans who have risen to lead major US companies. As a business leader, Banga has worked to expand access to the digital economy and tackle the climate crisis.
As President and CEO of MasterCard, Banga led the company’s efforts to bring 500 million people into the digital economy. He told a 2020 TED Talk that access to digital financial tools can connect people to credit, insurance and savings opportunities. But expanding digital access is complex. It needs a “shoulder cluster” on the wheel coming together,” he said. “IIt requires public and private sector partnershipHe said.
During Banga’s tenure, Mastercard launched 2KUZE, a digital platform that connects East African farmers with buyers. The organization’s partnership with the South African Social Security Agency has improved benefits and reduced wastage. MasterCard has partnered with the World Food Program to provide digital food vouchers to Syrian refugees.
At Mastercard Banga, he also tried to solve the problem of climate change and deforestation. In the year He spearheaded the Inexpensive Planet Coalition, in which more than 120 companies pledged to plant 100 million trees by 2025.
In the year In 2021, following his Mastercard tenure, Banga will join Vice President Kamala Harris as co-chair of the Central America Partnership, a public-private initiative committed to $4 billion in private sector investment in El Salvador, Guatemala and Honduras.
The partnership has invested more than $650 million in textile manufacturing, agriculture and employment, training more than 160,000 workers and expanding access to the digital economy.
Banga “has significant experience in bringing together public-private resources to address the most pressing challenges of our time,” Biden said. He knows how to “deliver the World Bank’s ambitious agenda to reduce poverty and expand prosperity.”
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