Ajay Banga will be a transformative leader: US President Joe Biden

“Ajay Banga will be a transformative leader, who will bring expertise, experience, and innovation to the position of World Bank president,” US President Joe Biden said after the former Mastercard CEO was confirmed as the new head of the international financial institution.

Ajay Banga on Wednesday (May 3) became the first-ever Indian-American to head the bank.

“Ajay Banga will be a transformative leader, bringing expertise, experience, and innovation to the position of World Bank President. And together with World Bank leadership and shareholders, he will help steer the institution as it evolves and expands to address global challenges that directly affect its core mission of poverty reduction, including climate change,” Biden said.

Also read: Indian-American business leader Ajay Banga is new World Bank chief

“Ajay will also be integral in bringing together the public and private sectors, alongside philanthropies, to usher in the fundamental changes in development finance that this moment requires,” said the president, congratulating his nominee for the next President of the World Bank on his resounding approval by the Bank’s Board of Governors.

Statement from President Joe Biden on the Selection of Ajay Banga to Lead the World Bank pic.twitter.com/bMrRO6BrB1

— White House Photos (@photowhitehouse) May 3, 2023

Treasury Secretary Janet Yellen said Banga would play a critical role in undertaking a vital effort to evolve the World Bank and other multilateral development banks to redouble their work on global challenges like climate change in a way that accelerates progress on national development priorities.

“His track record of forging partnerships between the public sector, private sector, and non-profits uniquely equips him to help mobilize private capital and press for the reforms needed to meet our shared ambitions. In doing so, the World Bank can serve as a force multiplier for good by setting the right agenda and catalysing action from across the spectrum,” she said.

I congratulate Ajay Banga on his election to lead the World Bank. Ajay will bring the right leadership, management skills, and financial expertise to lead the @WorldBank at a critical moment in its history. https://t.co/Bq3WZDMhlK

— Secretary Janet Yellen (@SecYellen) May 3, 2023

After he was nominated for this position by Biden, Banga spent the last couple of months travelling around the world meeting with governments from the World Bank’s diverse shareholder-base and stakeholders from both the private and philanthropic sectors.

“Today’s vote is an indication that he’s gained widespread support from across that shareholder-base with resounding approval from the shareholders. Ajay himself is a business leader with decades of experience leading large global organizations forging public-private partnerships to address financial inclusion and climate change,” a senior administration official told reporters.

Also read: Who is Ajay Banga, the Indian American nominated to head World Bank?

“We are confident that Ajay is going to play a key role in steering the World Bank to evolve itself to address global challenges like climate change, pandemics, fragility conflict, or effectively at greater scale, and in doing so will help fulfill the President’s vision and the priorities placed around exactly those goals,” the official said.

Another senior official told reporters that it was a really good day for the World Bank.

“And it’s a really good day for the countries and the people who seek to partner with the World Bank, particularly in a very difficult time for emerging and developing countries. We think he is the right person for this moment,” the official said.

(With agency inputs)