Ajay Banga will be a transformative leader at the World Bank, says Biden

Ajay Banga will be a transformational leader, who will bring expertise, experience and innovation to the post of President of the World Bank, US President Joe Biden has said after the former CEO of Mastercard was confirmed as head of the international financial institution. .

Ajay Banga became the first ever Indian-American to lead the bank on Wednesday.

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

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

Treasury Secretary Janet Yellen said Banga will play a vital role in leading a vital effort to get the World Bank and other multilateral development banks to redouble their efforts on global challenges such as climate change. to accelerate progress on national development priorities.

“Her experience building partnerships between the public sector, private sector and non-profit organizations uniquely equips her to help mobilize private capital and push 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 catalyzing action from all walks of life,” she said.

After being appointed to the position by Biden, Banga has spent the past two months traveling the world meeting with governments from the diversity of World Bank shareholders and stakeholders from the private and philanthropic sectors.

“Today’s vote is an indication that he has won broad support from this shareholder base with a resounding endorsement from shareholders. Ajay himself is a business leader with decades of experience. experience leading major global organizations that are forging public-private partnerships to address financial inclusion and climate change,” a senior administration official told reporters.

“We are confident that Ajay will play a key role in leading the World Bank to evolve to address global challenges such as climate change, pandemics, fragility conflicts, or effectively at scale, and in doing so, will help realize the President’s vision. and priorities placed around exactly those goals,” the official said.

“As the World Bank will continue to play a key role in improving the lives of people around the world. I can’t do it alone, and Ajay’s track record of building public-private and not-for-profit partnerships is uniquely equipped to help mobilize private capital and push for reforms. necessary to meet our common ambition,” said the manager.

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

“And it’s a very good day for countries and people looking to partner with the World Bank, especially at a very difficult time for emerging and developing countries. Awe thinks he’s the right fit for this moment, including on a very big and tearful evolutionary agenda that might well describe this,” the manager said.

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(This story has not been edited by News18 staff and is published from a syndicated news agency feed)