Ajay Banga: 5 unknown facts about newly elected World Bank president
The World Bank has got it's newly elected President, Ajay Banga. In a congratulatory tweet, Joe Biden stated that he is looking forward to supporting Banga's efforts to transform the World Bank, reduce poverty, and address global challenges, such as climate change.
"Congratulations to my nominee, Ajay Banga, on becoming the next President of the World Bank. I look forward to working with Ajay in his new role, and to supporting his efforts to transform the World Bank to reduce poverty and address global challenges including climate," US President, Joe Biden tweeted. Ajay Banga, an Indian-American, is the son of an Indian Army officer, and as a result, he moved around the country frequently during his childhood. Let's delve into some lesser-known facts about him.
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Congratulations to my nominee, Ajay Banga, on becoming the next President of the World Bank.
— President Biden (@POTUS) May 4, 2023
I look forward to working with Ajay in his new role, and to supporting his efforts to transform the World Bank to reduce poverty and address global challenges including climate. pic.twitter.com/R1yq4mVGZT
1. Early life and education
63-year-old Ajay Banga was born in the Khadki cantonment of Pune. Banga did his graduation in economics from Delhi University and his MBA at the Indian Institute of Management, Ahmedabad.
2. CEO of MasterCard
In 2008, Banga was named Citigroup's head of the Asia-Pacific region. He stepped down to join Mastercard as president and chief operating officer (COO) in 2009. However, catering to his dedication and work proficiency, Mastercard promoted him to CEO in less than a year. According to Times Now, he earned a salary of $5.2 million.
3. Awarded with the Padma Shri
Banga was awarded the Padma Shri by the Indian Government in 2016 for his exceptional contributions to the field of trade and industry. It is the fourth-highest civilian honor in the country.
The World Bank wrote on Twitter, "The Executive Directors of the @WorldBank today selected Ajay Banga as the President of the World Bank. Mr. Banga begins his five-year term on June 2, 2023."
The Executive Directors of the @WorldBank today selected Ajay Banga as the President of the World Bank. Mr. Banga begins his five-year term on June 2, 2023.
— World Bank (@WorldBank) May 3, 2023
Read the news release: https://t.co/xeSDLCwGUn pic.twitter.com/2Q2MVT0VBH
4. Foreign support
United States President Joe Biden nominated the Indian-born finance and development executive for the post in late February 2023. He has gained the support of enough foreign states, including India, Britain, France, Germany, Italy, Japan, Bangladesh, Colombia, Egypt, Ivory Coast, Kenya, Saudi Arabia, and South Korea, to all but guarantee his confirmation as president of the World Bank.
5. Net worth
According to Times Now Banga's net worth was estimated at around $206 million as of July 2021. He owns $113,123,489 worth of Mastercard stocks.
