Indian Origin Ajay Banga to be next World Bank President
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The Biden administration on February 23 named Ajay Banga, former chief executive officer of Mastercard, as the next president of the World Bank.
An overview of the news
The 63-year-old Banga is an Indian-American and currently serves as the Vice Chairman at equity firm General Atlantic.
He was previously the Chief Executive Officer at Mastercard.
Banga has significant experience in mobilising public-private resources to address the challenges of climate change.
He has spent more than three decades building and managing successful, global companies that create jobs and bring investment to developing economies, and guide organisations to drive fundamental change.
It is noteworthy that David Malpass, the current President of the World Bank, had announced his intention to step down by the end of June.
Malpass has about one year left in his five-year term.
Casting doubt on the science at a conference, Malpass said last year that the burning of fossil fuels causes global warming.
He later apologised and said that he had said the wrong thing.
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