Ajay Banga Appointed President of the World Bank

Who is Ajay Banga?

Ajay Banga has been named as the 14th president of the World Bank. He is the first Indian-born person to become the president of the World Bank. He will take over this role from 2nd June 2023, replacing David Malpass. Banga has been a citizen of the United States since 2007.

Banga grew up in Khadki, Pune. He studied economics at St Stephen's College, Delhi University. After this, he attended the Indian Institute of Management in Ahmedabad. He began his career at Nestle India before joining Pepsico. He then joined Citigroup in 1996.

In 2010, he became the president and chief executive officer (CEO) of Mastercard. He retired from Mastercard in December 2021. In 2016, the Indian government awarded Banga with the Padma Shri, India's fourth-highest civilian award.

What is the World Bank?

The World Bank is an organisation that lends money to its member countries to help their economic development. It was created in 1944 and began operating in 1946. The organisation is headquartered in Washington, D.C., United States of America (USA).

The World Bank funds various initiatives that can help developing countries grow. In its early years, the World Bank provided loans to help rebuild Western Europe after the destruction of World War II. 

Since the mid-1950s, it has started giving financial aid to developing countries for infrastructure projects such as roads, water and sewage systems, dams, etc.

How has the World Bank helped India?

India's economy has grown significantly. The World Bank's help has supported India's growth in various ways. Due to the money loaned by the World Bank, the Indian government has been able to provide facilities, like all-weather roads, in many rural areas.

The World Bank has provided funds to support national education programmes that improve access to education for underprivileged people. The organisation also helps India's attempts to end tuberculosis. It has also helped develop nationwide nutrition programmes for mothers and newborn babies.

It has also given money to India to help clean up and conserve the Ganga and to improve water supply and sanitation. These are some of the ways in which the World Bank has helped India. We hope that India and the World Bank continue to work together so that our country can develop even more.