Breaking Update: Ajay Banga is nominated by Biden as president of the World Bank

In an announcement on Thursday, US President Joe Biden said the country had nominated Indian-American business leader Ajay Banga as World Bank president. He said Banga was uniquely qualified for the role at this critical moment in history. The Padma Shri award was given to Banga in 2016, the highest civilian honour in India, for his leadership during Mastercard's strategic, technological, and cultural transformation.

President Biden's explanation for choosing Ajay

As he said in a statement, President Biden regarded Ajay as uniquely qualified for the World Bank's leadership. Several things have been his responsibility throughout his career, including building and managing successful global companies that have created jobs, invested in developing economies, and led organizations through periods of change. Biden said he had demonstrated his ability to manage people and systems and partner with global leaders to deliver results.

Banga's tough situation

As the US President noted, Banga has a critical background in mobilizing public and private resources. He has been responsible throughout his career, such as climate change. In addition to his unique perspective on developing countries and how to achieve its ambitious agenda to reduce poverty and expand prosperity, Banga, born in India, has a unique perspective on development challenges and opportunities.

Throughout his career, he has become an Inclusion leader in technology, data, and financial services. The International Chamber of Commerce chairman will be an honorary member from 2020 to 2022. He is also a chairman of Exor and an independent director of Temasek. As a member of the American Red Cross, Kraft Foods, and Dow Boards, he previously served on General Atlantic's climate-focused fund, Beyond NetZero, at its inception in 2021.

Awards of Banga

Besides being a Trilateral Commission member, Banga co-chairs the Partnership for Central America with Vice President Kamala Harris. An ex-member of the US-China National Committee, he founded the US-India Strategic Partnership Forum and was a former American India Foundation chairman. Served on the National Cybersecurity Enhancement Commission established by President Obama, he co-founded the Cyber Readiness Institute and was Vice Chair of the Economic Club of New York.

He served as a panel member of the US President's Trade Policy and Negotiations Advisory Committee. In 2012, he was awarded the award granted by the Foreign Policy Association. In 2019 he was awarded the Global Leadership Award by the Business Council for International Understanding, and in 2021, he was awarded the Award of Distinguished Friends of Singapore Public Service.

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