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BUSINESS EYE MARCH 03, 2023 | The Indian Eye 32

USISPF and Indiaspora laud

Ajay Banga’s appointment for

leading the World Bank

Banga is a founding trustee of the US-India Strategic Partnership Forum and Chairman Emeritus
of the American India Foundation

OUR BUREAU transition to mobilizing resources in
public-private partnerships to tackle
New Delhi
climate, water resources, food secu-
S President Joe Biden on rity, and healthcare issues, the state-
Thursday nominated former ment read.
UMastercard CEO Ajay Ban- “It’s another proud chapter in the
ga to lead the World Bank. “Ajay is success stories of the Indian-Ameri-
uniquely equipped to lead the World can diaspora, and I wish Ajay all the
Bank at this critical moment in his- best for this new inning,” it added.
tory. He has spent more than three Meanwhile, Indiaspora also ap-
decades building and managing suc- plauded the nomination of Ajay Ban-
cessful, global companies that create ga for President of the World Bank.
jobs and bring investment to develop- In a statement, MR Rangaswami,
ing economies, and guiding organiza- Indiaspora Founder and Chairman
tions through periods of fundamental said, “I am delighted that Ajay has
change. He has a proven track re- been nominated by President Biden
cord managing people and systems, to lead the World Bank. It is great
and partnering with global leaders to see such an eminently qualified
around the world to deliver results,” Ajay Banga is a global leader in technology, data, financial services and innovating Indian-American nominated for this
read Biden’s statement. for inclusion (File photo) prestigious international leadership
Banga, a business leader with role. Especially relevant, given re-
extensive experience leading suc- through a strategic, technological and the Distinguished Friends of Sin- cent commentary around the Bank’s
cessful organizations in developing and cultural transformation. gapore Public Service Star in 2021. mission and objectives, is that Ajay
countries and forging public-private Over the course of his career, he US-India Strategic Partnership brings a sharp focus on climate re-
partnerships to address financial in- has become a global leader in tech- Forum (USISPF) congratulated siliency and environmental sustain-
clusion and climate change, is to be nology, data, financial services and Ajay Banga after being nominated by ability. In nominating him to this
President of the World Bank. innovating for inclusion. United States President Joe Biden position, the President has made an
“He also has critical experience He is the Honorary Chairman of for the President’s role in World inspired choice.”
mobilizing public-private resources the International Chamber of Com- Bank and said that the nominee is a Sanjeev Joshipura, Indiaspora’s
to tackle the most urgent challenges merce, serving as Chairman from tireless believer in strengthening the Executive Director, also comment-
of our time, including climate change. 2020-2022. He is also Chairman of US-India ties, according to the state- ed on Banga’s nomination and said
Raised in India, Ajay has a unique Exor and Independent Director at ment released by USISPF. that his private sector background
perspective on the opportunities and Temasek. He became an advisor to Talking about Banga’s nomina- will give immense value in enhanc-
challenges facing developing coun- General Atlantic’s climate-focused tion, USISPF President and CEO, ing his effectiveness as World Bank
tries and how the World Bank can fund, BeyondNetZero, at its incep- Mukesh Aghi said, “Ajay, is a tire- President.
deliver on its ambitious agenda to re- tion in 2021. less believer in both the strength of As the first Indian-born nominee
duce poverty and expand prosperity,” He is a member of the Trilater- US-India ties and strengthening the to this role, Banga brings a lived un-
read the statement. al Commission, a founding trustee relationship even further. Ajay has derstanding of the challenges faced
The decision comes after World of the US-India Strategic Partner- been instrumental in setting up USI- by developing nations, he added.
Bank’s President David Malpass ear- ship Forum, a former member of SPF as a founding board member He was born and educated in In-
lier said that he will step down almost the National Committee on United and a vital pillar in our success over dia before becoming a US citizen in
a year early from his position. Mal- States-China Relations, and Chair- the last five years. Ajay’s background 2007 and would replace David Mal-
pass’ exit comes months after calls man Emeritus of the American India in his early years in India, gives him pass, Indiaspora said in a statement.
grew for him to step down after he Foundation. a deep understanding of the emerg- Ajay Banga is a global leader in
declined to acknowledge the scien- Banga was awarded the Foreign ing market world and bridging the technology, data, financial services
tific consensus that fossil fuels were Policy Association Medal in 2012, gaps in gender parity and working and innovating for inclusion. Ajay has
warming the planet. the Padma Shri by the President of towards poverty alleviation, issues more than 30 years of business ex-
Banga currently serves as Vice India in 2016, the Ellis Island Medal at the core ethos of the Bank’s mis- perience, including heading Master-
Chairman at General Atlantic. Pre- of Honor and the Business Council sion”. Banga’s work with Citigroup, card and serving on the boards of the
viously, he was President and CEO for International Understanding’s Mastercard, General Atlantic, and American Red Cross, Kraft Foods and
of Mastercard, leading the company Global Leadership Award in 2019, USISPF will allow for a seamless Dow Inc, according to the statement.

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