Banga begins his tenure as 14th President of World Bank Group

Monday, 5 June 2023 04:48 - - {{hitsCtrl.values.hits}}

Ajay Banga

Ajay Banga began his five-year term as World Bank Group President on 2 June 2023.

Banga most recently served as Vice Chairman at General Atlantic. Previously, he was President and CEO of Mastercard, a global organisation with nearly 24,000 employees.

Under his leadership, MasterCard launched the Centre for Inclusive Growth, which advances equitable and sustainable economic growth and financial inclusion around the world. He was Honorary Chairman of the International Chamber of Commerce, serving as Chairman from 2020-2022. He became an advisor to General Atlantic’s climate-focused fund, BeyondNetZero, at its inception in 2021. Banga served as Co-Chair of the Partnership for Central America, a coalition of private organisations that works to advance economic opportunity across underserved populations in El Salvador, Guatemala, and Honduras. He was previously on the Boards of the American Red Cross, Kraft Foods, and Dow Inc.

Banga is a co-founder of The Cyber Readiness Institute and was Vice Chair of the Economic Club of New York. He was awarded the Foreign Policy Association Medal in 2012, the Padma Shri Award by the President of India in 2016, the Ellis Island Medal of Honour and the Business Council for International Understanding’s Global Leadership Award in 2019, and the Distinguished Friends of Singapore Public Service Star in 2021.

Banga succeeded David R. Malpass, who during his 3 year term oversaw the WBG’s largest ever crisis response during the COVID-19 pandemic, more than doubled the institution’s investment in climate-related projects, and initiated the Evolution Roadmap reform process.