The World Bank is a global organization whose goal is to aid in the economic development of developing nations by providing funding, advice, and research.
In order to fight poverty, the bank mainly operates as a consortium that offers developmental assistance to middle- and low-income countries.
As of 2022, the World Bank had 17 objectives it hoped to achieve by 2030.
The top two objectives are listed in their mission statement.
The first is to eradicate extreme poverty by reducing the proportion of people worldwide who make less than $1.90 per day to 3%.
The second goal is to raise global wealth by raising the income growth of the world’s poorest 40% of the time.
As the World Bank looks to reshape its goals, last year, the bank has confirmed that Ajay Banga, an Indian-born American business executive the new president. Banga replaced David Malpass, ex-world bank president.
Who is Ajay Banga?
- Ajay Banga was born in Khadki cantonment of Pune, Maharashtra, India
- He completed his graduation in Economics from the St. Stephen’s College, Delhi and MBA from the Indian Institute of Management, Ahmedabad
- Banga began his career as a management trainee with Nestle in 1981 and later joined PepsiCo and was involved in the launch of its international fast food franchises, including Pizza Hut and KFC in India
- In 1996, Banga joined Citigroup, where he briefly served as a debt collector and later in 2005 he was chosen to lead all of the bank’s international consumer operations, following in 2008 he was named Citigroup’s head of the Asia-Pacific region
- In 2009, he stepped down from Citigroup to join Mastercard as president and chief operating officer and less than a year he was promoted to CEO position in the company
- In 2015, President Barack Obama appointed Banga to serve as a member of the President’s Advisory Committee for Trade Policy and Negotiations
- In 2020 Banga was elected chairman of the International Chamber of Commerce (ICC) succeeding Paul Polman
- In 2022, Banga assumed responsibilities at General Atlantic as vice chairman
- Banga was nominated by President Biden to lead the World Bank and in May the World Bank confirmed him as its 14th President
- Banga was felicitated with the Padma Shri by the Indian government in 2016 in the field of trade and industry and was also awarded the Foreign Policy Association Medal in 2012
