Ajay Banga, from emerging markets to the World Bank to combat the climate crisis

He has no experience in development organizations, but the new president of the World Bank (WB), Ajay Banga, is clear that his experience in both emerging and developed economies makes him the most suitable for a position where one of the main challenges will be fight against climate change.

At 63, the turban-wearing Indian-American executive describes himself as a “type entirely made in india”, which has helped it win the support of countries with emerging economies that have a voice and vote in the World Bank.

Son of a general in the Indian Army, bangawho has mainly experience in the private sector, comes to the position with a very clear objective: to combat the climate crisis.

He already anticipated it last March in Panama, during an international tour to explain his vision of the organization in which he had a talk with a small group of media, including EFE.

“Climate change and economic development are intertwined, there is no question. I see it as a clear, present and urgent issue. It’s not something we can’t pay attention to”, said, forcefully, at that time the until now vice president of the General Atlantic fund, who also served as executive president of mastercard.

As soon as his appointment was approved this Wednesday by the executive directors of the World Bank, the president of the United States, Joe Biden, predicted that Banga will be a leader “transformer” that will bring experience and innovation to the institution.

In addition, Biden highlighted his figure as “integral in bringing together the private and public sectors, along with philanthropy, to usher in the fundamental changes in the development of finance that this moment requires”.

Traditionally, the United States has chosen the president of the organization, since it is the largest shareholder of the bank, but it requires the support of other member countries such as China, Japan, Germany, France and the United Kingdom.

Banga believes that his upbringing, in which he had to move to different cities in India, made him “easy to adapt.”

After graduating from the University of Delhi and the Institute of Management in Ahmedabad, India, this former Mastercard chief executive began his career at Nestlé India, where he spent 13 years.

Also in his native country, he helped launch Pepsico fast food franchises and led Citigroup Asia Pacific.

The venture capital company where he currently works as vice president, General Atlantic, says of him on its website that he has served as an adviser to governments, companies and organizations “of all kinds”, in addition to being a Wall Street veteran.

General Atlantic describes him as a globally recognized leader in technology, data and financial services, although The New York Times newspaper has stressed that his past as an immigrant before obtaining US citizenship is still very much on his mind.

According to the newspaper, although he had no financial problems when he arrived in the country, Banga still remembers the handicap of not being able to buy a phone because he did not have a credit history.

This immigrant status has marked his career and, as he himself has stated, inspired him to incorporate 500 million people from all over the world who did not have bank accounts into the financial system.

Figures such as the US vice president, Kamala Harris -also of Indian origin-, remarked when he was nominated for the post at the WB his “transformative” character and his commitment to migration in North America.

Banga has collaborated with Harris to promote economic development and address the root causes of migration to the United States, designing a new public-private partnership model to mobilize companies and create opportunities in Central America, a White House statement said this Thursday.

The World Bank was established in 1944, together with its sister institution, the International Monetary Fund (IMF), within the framework of the Bretton Woods agreements. Tradition establishes that it is the United States that proposes the president of the WB, while Europe chooses the Fund.

Source: EFE