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US President Joe Biden’s pick and former Mastercard CEO Ajay Banga said that he plans to visit Asia, Europe, and Africa and may also visit Latin America in the coming weeks to get inputs on challenges facing the World Bank. The 63-year-old Indian-American was speaking with reporters at the US Treasury Department on Thursday.
He further said he believes in the scientific evidence on climate change and highlighted the need for the global institution to continue working on reducing poverty and inequality while handling the “intertwined” challenges posed by climate change. The former Mastercard CEO was quoted by the news agency Reuters as saying, “You cannot have economic prosperity without caring about nature, pandemics, fragility, food availability – this is our new world.” He added that challenges to the global economy are multiplied and multipolar.
When asked about the push to boost its lending capacity, Banga said the bank must “do all it can” to work through recommendations prepared for G20 major economies by an independent commission last year while still safeguarding its credit rating.
Banga also said that he already got support from India, Ghana, and Kenya but hoped to visit as many countries around the world as possible over a period of the next three weeks to get a grasp on their pertinent issues and challenges. While endorsing Banga’s nomination, India said it comes at a time when the World Bank is looking at next-generation reforms to deliver on its checklist of poverty reduction, expanding prosperity, and dealing with other pressing global challenges.
The Finance Ministry said in a series of tweets, “Congratulations to Mr Ajay Banga on being nominated to lead World Bank. India supports Mr Banga’s nomination and looks forward to his leadership of the World Bank.”
The finance ministry further said Banga has tremendous experience in financial and technological sectors and guiding large organisations that have invested and created jobs in developing economies. Banga oversaw the rise of Mastercard’s m-cap from $20 billion to a massive $360 billion in his 12-year-long tenure as the CEO of the world’s second-largest payment processing corporation.
India and other developing countries are advocating for reforms in the World Bank so they can have a greater voice in the global institution.
Now a US citizen, Banga assures he will assume a job that oversees billion of dollars of funding to help developing nations. US President Biden nominated Ajay Banga to take the reins at the World Bank. While announcing his nomination, Biden said that the business leader is equipped to lead the bank at “this critical moment in history.”
If Banga is selected to lead the World Bank by its Board of Directors, he will become the first Indian-American and Sikh-American to lead either the International Monetary Fund (IMF) or the World Bank.
(With agency inputs)
Also read: Biden nominates Ajay Banga, former Mastercard chief and IIM-A grad, to head World Bank
Also read: Who is Ajay Banga? Indian-American executive nominated to head World Bank
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