Washington

Raised in India, US nominee for the World Bank's President role, Ajay Banga has a unique perspective on challenges that can deliver on its agenda for prosperity and reduce poverty, the White House said.

While addressing weekly briefings, White House press secretary Karine Jean-Pierre said, "the US nominated Ajay Banga to be president of the World Bank. President Biden himself said he is uniquely equipped to lead the World Bank, he is a renowned business executive who has managed companies bringing jobs and investment to developing economies."

"He (Ajay Banga) has a proven track record of creating public-private partnerships. Raised in India he has a unique perspective on opportunities and challenges facing developing countries and how World Bank can deliver on its agenda for prosperity and reduce poverty," she added.

On Thursday, US President Joe Biden nominated former Mastercard CEO Ajay Banga to lead the World Bank.

"Ajay is uniquely equipped to lead the World Bank at this critical moment in history. He has spent more than three decades building and managing successful, global companies that create jobs and bring investment to developing economies, and guiding organizations through periods of fundamental change. He has a proven track record managing people and systems and partnering with global leaders around the world to deliver results," read Biden's statement.

Banga, a business leader with extensive experience leading successful organizations in developing countries and forging public-private partnerships to address financial inclusion and climate change, is to be President of the World Bank.

Meanwhile, Indiaspora also applauded the nomination of Ajay Banga for President of the World Bank.

In a statement, MR Rangaswami, Indiaspora Founder and Chairman said, "I am delighted that Ajay has been nominated by President Biden to lead the World Bank. It is great to see such an eminently qualified Indian-American nominated for this prestigious international leadership role. Especially relevant, given recent commentary around the Bank's mission and objectives, is that Ajay brings a sharp focus on climate resiliency and environmental sustainability. In nominating him to this position, the President has made an inspired choice."

Sanjeev Joshipura, Indiaspora's Executive Director, also commented on Banga's nomination and said that his private sector background will give immense value in enhancing his effectiveness as World Bank President.

As the first Indian-born nominee to this role, Banga brings a lived understanding of the challenges faced by developing nations, he added.

Banga is currently Vice Chairman at private equity firm General Atlantic, having become an advisor to General Atlantic's Beyond NetZero venture at its inception in 2021. He was born and educated in India before becoming a US citizen in 2007 and would replace David Malpass, Indiaspora said in a statement.

Ajay is a global leader in technology, data, financial services, and innovation for inclusion. Ajay has more than 30 years of business experience, including heading Mastercard and serving on the boards of the American Red Cross, Kraft Foods, and Dow Inc, according to the statement.