Mahindra Group chairman Anand Mahindra heaped praise on World Bank‘s newly elected President, Ajay Banga for his remarkable ability to think on his feet after Banga became the first Indian-born nominee for the role.
What Happened? Mahindra went on Twitter to reiterate a label he had created for Banga when they confirmed the former Mastercard chief as World Bank President back in late February.
“To meet him is to encounter a ball of unstoppable kinetic energy,” remarked Mahindra. “Go do your thing, Ajay, and I hope you can restore this great institution's purpose & impact,” he added.
Nominated by U.S. President Joe Biden in late February, Banga is set to start his new position in early June. He succeeds David Malpass as the only contender for the position.
Banga’s reputation as a “true change maker” has impressed World Bank shareholders, who believe he will help accelerate reforms within the institution. Currently, the World Bank loans out hundreds of billions of dollars to developing countries, with an increased focus on lending to address global challenges such as climate change.
Born in Pune, India, Banga holds a bachelor’s degree in economics from Delhi’s St. Stephen’s College and an MBA from IIM Ahmedabad. His distinguished career began at Nestle India before moving on to Citigroup in India and Malaysia.
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Banga, a US citizen since 2007, serves as the vice chair of General Atlantic, a private equity company, and co-chair of the Partnership for Central America. He has more than 30 years of business experience, including various roles at Mastercard, American Red Cross, Kraft Foods, and Dow.
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