Former CEO of Mastercard and US nominee for the World Bank presidency, Ajay Banga, concludes his three-week worldwide tour to gather support and discuss development and climate concerns with borrowing and donor countries, as he returns to his home country of India on Thursday. In New Delhi on March 23 and 24, Banga will meet with Prime Minister Narendra Modi, Minister of Finance Nirmala Sitharaman, and Minister of External Affairs Subrahmanyam Jaishankar. Billboards featuring his likeness have already been posted in the city.
During his global tour, Banga visited several countries, including Ethiopia, Kenya, Nigeria, and South Africa, to engage with government officials and leaders of civil society organizations. He discussed ways to promote sustainable economic growth, support poverty reduction efforts, and mitigate the impacts of climate change.
As the US nominee for the World Bank presidency, Banga faces stiff competition from other candidates, including Jose Antonio Ocampo of Colombia and Mari Pangestu of Indonesia. The position has traditionally been held by an American, while the head of the International Monetary Fund (IMF) is typically European.
If elected, Banga will take over from David Malpass, whose term ends in April. He will face the challenge of leading the World Bank in a post-pandemic world that has seen a surge in poverty and inequality, particularly in developing countries.
Banga brings with him a wealth of experience in the financial sector, having served as the CEO of Mastercard for a decade. He has also been a member of the US-India CEO Forum, an advisory group that promotes business ties between the two countries. His visit to India is expected to bolster support for his candidacy and highlight the importance of US-India relations in promoting global economic growth and development.
