The incoming president of the World Bank was born in India and had his early success in business there
FILE - Ajay Banga, then-president and CEO of MasterCard, speaks during the U.S. Africa Business Forum during the U.S. Africa Leaders Summit in Washington, Aug. 5, 2014. The incoming president of the World Bank was born in India and forged his early business success there, a fact supporters say gives Banga valuable insight into the challenges faced by the developing countries the bank is supposed to help.
The World Bank — the world’s largest and oldest development bank — includes 189 member countries with a mission to reduce poverty and build prosperity in the developing world. The threat of climate change is a major focus, with the bank billing itself as the largest financier of climate action in developing countries.
Anit Mukherjee, a senior fellow at the Observer Research Foundation, a think tank devoted to India's global development, called Banga's ascension “a proud moment for India.” “He has worked in corporations whose prime motive is profit. When it comes to development, especially climate change, it is about justice and equity,” said Singh. Banga's background “doesn't inspire confidence," he said.
The son of an Indian army officer, Banga was born in 1959 and educated in some of India's premier institutions. When India's economy liberalized in the early ‘90s, Banga was able to work and rise through the ranks of multinational corporations breaking into India.
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