US Nominates Ajay Banga for World Bank president

US Nominates Ajay Banga for World Bank president

Daily Current Affairs   /   US Nominates Ajay Banga for World Bank president

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Category : Appointment/Resignation Published on: February 25 2023

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  • US President Joe Biden has nominated former Mastercard CEO Ajay Banga for the position of World Bank president.
  • Donald Trump appointee David Malpass will step down from his role this June before completing his tenure in April 2024.
  • 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.
  • He began his professional career in Nestle, moved to Pepsico and later Citi, before topping a corporate career when he became CEO of Mastercard in 2010, holding the position till 2020. 
  • He is currently vice-chairman at General Atlantic.
  • He is also a member of the Trilateral Commission, a founding trustee of the U.S.-India Strategic Partnership Forum, a former member of the National Committee on United States-China Relations, and Chairman Emeritus of the American India Foundation.
  • The World Bank's chief economist is also a Sikh -- former Georgetown University and University of Chicago professor Indermit Gill.
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