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CEO Ajay Banga Nominated By US President To Lead World Bank

Published on February 24, 2023

Current Context: US President Joe Biden has nominated former Mastercard CEO Ajay Banga to become president of the World Bank. Banga is an Indian-American businessman who has led Mastercard since 2010 and stepped down as CEO in 2021.

CEO Ajay Banga Nominated By US President To Lead World Bank
  • He has been praised for his business experience in India and his commitment to mobilizing private funds to help developing countries deal with climate change.
  • He has also been conferred with India's fourth highest civilian honour Padma Shri in 2016.
  • He will replace David Malpass, who announced plans to step down early after serving as World Bank president since 2019.

Some of the challenges that Banga will face as World Bank president are:
  • Supporting Africa's development and integration into the world economy.
  • Targeting the people left behind by poverty, inequality and conflict.
  • Helping middle income developing countries make the right development choices.
  • Mainstreaming work on global public goods such as climate change, health and security.
  • Engaging actively with other players who finance development such as private sector, civil society and multilateral institutions.
  • Dealing with the World Bank's financial constraints and capital structure issues.
  • Leading the debate on development pathways for the 21st century.

Question:

Q.1 Who is the current chief of the World Bank who announced plans to step down early?

a. Jim Yong Kim
b. David Malpass
c. Robert Zoellick
d. Paul Wolfowitz
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