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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