The White House announced the formation of the “Board of Peace” under US President Donald Trump's plan to oversee the temporary governance of Gaza. The announcement comes as the territory continues to witness deadly violence despite a fragile ceasefire that took effect in October. The Board, which Trump is set to chair, also includes Indian-origin World Bank Group President Ajay Banga.
Who Is Ajay Banga?
Ajay Banga is the 14th President of the World Bank Group. He was nominated by former US President Joe Biden in February 2023 to lead the World Bank. His appointment to a five-year term was confirmed in May 2023, and he took charge as President of the World Bank Group on June 2, 2023.
According to the World Bank Group's official website, Banga has sought “to transform the 80-year-old institution into a faster, more efficient, and more impactful partner in development.”
Under his leadership, the institution has embarked on wide-ranging reforms aimed at increasing its lending capacity, streamlining operations and focusing on development solutions that are practical, scalable and impactful.
Early Life And Education
According to Investopedia, Ajay Banga was born on November 10, 1959, in Khadki, a small town in Maharashtra, into a Sikh family. His father served as an officer in the Indian Army. Banga completed his Bachelor of Arts (Honours) in Economics from St Stephen's College, Delhi, in 1981, before going on to finish a postgraduate programme in management at the Indian Institute of Management, Ahmedabad.
From Global Business To Public Service
Before joining the World Bank Group, Banga served as Vice Chairman at General Atlantic and earlier as President and Chief Executive of Mastercard. During his time at Mastercard, he led a global workforce of nearly 24,000. He also founded the Mastercard Center for Inclusive Growth, aimed at promoting equitable and sustainable economic opportunity.
Banga's leadership experience extends well beyond the corporate world. He was Chairman of the International Chamber of Commerce from 2020 to 2022 and has served on the boards of organisations including the American Red Cross, Kraft Foods and Dow Inc. He is also a co-founder of the Cyber Readiness Institute.
Banga's contributions have been recognised internationally, with honours including the Singapore Public Service Star in 2022, the Padma Shri awarded by the President of India in 2016, the Foreign Policy Association Medal in 2012, and the Ellis Island Medal of Honour.
