The incoming president of the World Bank was born in India and forged his early business success there, a fact supporters say gives Ajay Banga valuable insight into the challenges faced by the developing countries the bank is supposed to help.
But not everyone is sure that Banga, who has spent most of the last two decades in the U.S. corporate world, can be counted on to shake up the bank in the way some think it should be.
That came after President Biden, in nominating Banga in February, heralded his “critical experience” dealing with urgent world challenges like climate change, even though his resume shows little to do with climate credentials. Banga will replace David Malpass, a Donald Trump appointee who announced he would step down this June, a year early, after coming under pressure for declining to say whether he agreed with scientific consensus on climate change.
“Growing up in India, Banga will likely understand the issues developing countries face. It is also clear he understands markets around the world,” said Mukherjee, who has worked closely on reforming multilateral development banks. “Whether he will understand the challenges of climate financing and development is still unclear.”
“We are facing multiple crises including climate change, the debt crisis, and the banking crisis. We cannot continue with the same systems that are responsible for these crises,” said Singh. Since moving to the U.S. in the early 2000s, Banga has held prestigious positions in the corporate world, including heading Mastercard and serving as director of Exor and Temasek, large holding companies whose portfolios are diverse and include media companies such as Mediacorp and the Economist as well as automobile companies like Ferrari.
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