Tag: Ajay Banga

Categories
-Top News Africa News Economy

Ajay Banga Charts IDA’s Path to Global Progress

World Bank Chief underscored the urgency of action, particularly with the looming demographic shift where 1.1 billion young people will enter the working-age population in the next decade….reports Asian Lite News


During the International Development Association (IDA) Midterm Review, World Bank President Ajay Banga stressed the necessity of a robust, coordinated, and all-encompassing approach to address the intricate challenges confronting today’s developing nations.

The event took place in Zanzibar, Tanzania, with Banga extending condolences for recent floods in the region, according to a release by the World Bank.

Addressing Presidents Samia Suluhu Hassan and Hussein Ali Mwinyi, Banga acknowledged the evolving mission of IDA in the face of challenges such as poverty, climate crises, food insecurity, and the aftermath of the global pandemic.

He underscored the urgency of action, particularly with the looming demographic shift where 1.1 billion young people will enter the working-age population in the next decade.

Banga said, “The landscape we face today is far more complex: declining progress in our fight against poverty, an existential climate crisis, food insecurity, fragility, a fledgling pandemic recovery, and conflict that touches lives beyond the frontlines”.

Banga added, “Meanwhile, in the next 10 years, 1.1 billion young people across the Global South will become working-age adults. Yet, in the same period and same countries, we are only expected to create 325 million jobs. The cost of inaction is unimaginable”.

Banga highlighted the necessity of reliable electricity access, pointing out that 600 million people in Africa, including 36 million in Tanzania, lack this basic necessity.

He stressed the World Bank’s commitment to creating a world free of poverty on a livable planet, outlining a vision that expands the scope of both the World Bank and IDA.

Banga said, “With $5 billion from IDA – we are on a mission to deliver reliable, affordable, renewable electricity to 100 million Africans before 2030”.

To illustrate the transformative power of electrification, Banga shared a success story from Nigeria, where an IDA-funded mini-grid system significantly improved various aspects of community life, from agriculture to healthcare and education.

Expressing the ambition to deliver reliable, affordable, renewable electricity to 100 million Africans by 2030, Banga urged for a substantial increase in funding.

He called for the next replenishment of IDA to be the largest in history, urging donors, shareholders, and philanthropies to step up.

Banga said, “Over the last 10 years, the number of items in IDA that we have been asked to measure has grown from 120 to more than 1,000. As a result, our team and governments spend more time trying to tick the box than we do delivering results”.

In addition to financial support, Banga highlighted the importance of reforms, emphasizing the need for efficiency and accessibility.

He proposed streamlining funds, creating fewer funds with more flexibility, and reducing the bureaucratic burden by focusing on impactful outcomes.

Concluding his remarks, Banga invoked the spirit of cooperation that led to the establishment of the World Bank, quoting U.S. Treasury Secretary Morgenthau’s observation that the solution was possible only due to “the goodwill, good sense, and sincerity of all the nations.”

Banga said, “After Bretton Woods, U.S. Treasury Secretary Morgenthau observed that the World Bank was the solution to one of the knottiest problems. But, he also said that the solution was made possible because “Only the goodwill, good sense and sincerity of all the nations could have found it.”

He encouraged participants to reimagine IDA’s potential and commit to its founding vision of a world where poverty is not a barrier to human potential.

The two-day event offers an opportunity for reflection and a collective commitment to the principles and vision that define IDA’s journey. (ANI)

ALSO READ: How World Bank Strengthens Central Asia’s Socio-Economic Fabric

ALSO READ: World Bank launches climate and health initiative

Categories
-Top News Economy World

Ajay Banga: From India to World Bank’s Helm

Gandhinagar, July 16 (ANI): World Bank President Ajay Banga interacts with students, parents and teachers at Vidya Samiksha Kendra, in Gandhinagar on Sunday. (ANI Photo)

While acknowledging the significance of luck in one’s journey, he emphasized that the majority of success is built on relentless effort and the ability to seize opportunities as they present themselves…writes Dr. Jasneet Bedi/ Khalsa Vox

“I embody the essence of ‘Make in India’,” proclaimed Ajay Banga, the current Chief of the World Bank, during a recent interview. His statement not only encapsulates his remarkable personal journey but also serves as an inspiring tale of a young Indian educated entirely within the country’s borders who has risen to one of the most influential positions in the global financial arena. Banga’s roots run deep in India, where he spent his formative years and received his education exclusively from Indian institutions. Astonishingly, he proudly declared that he had not pursued a single course abroad. This declaration underscores the quality and competence of education available within India, proving that with dedication and hard work, one can scale great heights, regardless of their starting point.

In the interview, Banga underscored the role of luck, diligent effort, and the ability to seize opportunities in achieving success. While acknowledging the significance of luck in one’s journey, he emphasized that the majority of success is built on relentless effort and the ability to seize opportunities as they present themselves, reports Khalsa Vox

Banga’s appointment as the head of the World Bank arrived at a crucial juncture in global finance. During India’s G-20 Presidency, the focus was on reforming multilateral development banks. President Biden entrusted Banga with the task of adapting the World Bank to address China’s growing influence in the traditional Washington-led global financial order. Banga’s unique perspective as an Indian-educated professional adds a fresh dimension to this challenge, highlighting the global significance of Indian talent and expertise.

Furthermore, the World Bank Chief challenged the idea of a ‘Washington-dominated world.’ He pointed out that more than half of the World Bank’s workforce is located outside the United States, emphasizing the institution’s global nature and the importance of diverse voices in shaping its future.

Banga’s vision for the World Bank is crystal clear: he aims to redefine its mission and make it more inclusive. His recent interactions with world leaders and finance ministers from numerous countries have provided valuable insights into this transformation. Key elements of his strategy include establishing a clear vision, effective communication, efficient management, and setting measurable goals with transparent scorecards.

Regarding geopolitics and China, Banga exhibited a pragmatic approach. He acknowledged the challenges faced by the world but stressed that addressing these challenges should not rely on a single institution. Despite geopolitical complexities, he noted that China is a shareholder in the World Bank, and their financial contributions have evolved over time.

Additionally, Banga emphasized the pressing global issues of climate change and healthcare as pivotal areas for the World Bank’s focus in the coming years. These are domains where international collaboration and financial support are paramount, and under his leadership, the World Bank aims to play a significant role.

Lastly, Banga’s discussions with US President Joe Biden underscored the importance of American contributions to the World Bank, enhancing the institution’s capacity to make a global impact. This partnership reaffirms the World Bank’s relevance in addressing global challenges.

Ajay Banga’s journey from an Indian youth to the helm of the World Bank stands as a testament to the potential that Indian education and talent hold on the global stage. His vision for the institution, combined with his pragmatic approach to geopolitics, promises to bring a fresh perspective to the world of global finance and development. As an inspirational figure, he exemplifies how dedication, hard work, and seizing opportunities can lead to extraordinary achievements.

ALSO READ-Ajay Banga named in 2023 list of ‘Great Immigrants’

Categories
-Top News India News

Banga to attend Gujarat G20 meet

Washington, Feb 24 (ANI): (File pic) Former Mastercard CEO Ajay Banga appointed as President of World Bank, on Wednesday. (ANI Photo)

Gujarat is hosting four meetings of G20 in the first two weeks of July…reports Asian Lite News

World Bank President Ajay Banga will travel to India next week, his first visit to the country after taking over the helm of the global lender, to attend the G20 Finance Ministers and Central Bank Governors Meeting in Ahmedabad.

Indian-American Banga, 63, took over as the President of the World Bank in June, making him the first person of colour to head either of the two global financial institutions, the World Bank and the International Monetary Fund.

The Executive Directors of the World Bank selected Banga as the 14th President of the World Bank in May for a five-year term after being nominated by US President Joe Biden for the post.

This would be Banga’s first trip to India after he took over as the World Bank president.

India is currently holding the presidency of the G20, an intergovernmental forum of the world’s major developed and developing economies.

Gujarat is hosting four meetings of G20 in the first two weeks of July.

These meetings will provide an opportunity for business representatives to share their perspectives, insights and policy recommendations on various economic and business-related topics and will play a very significant role in shaping global economic agendas and policies, according to officials.

The G20 comprises Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the UK, the US, and the European Union (EU).

Collectively, the G20 accounts for 85 per cent of the global GDP, 75 per cent of international trade, and two-thirds of the world population, making it the premier forum for international economic cooperation.

ALSO READ-G20 space leaders meet stresses on alliances

Categories
-Top News India News

 Ajay Banga named in 2023 list of ‘Great Immigrants’

He started his career in India, spending 13 years at Nestle India and two at PepsiCo, and in 1996, he joined Citigroup, eventually leading the Asia-Pacific region as CEO…reports Asian Lite News

World Bank President Ajay Banga has been named to this year’s “Great Immigrants” list by the Carnegie Corporation of New York, which honours contributions by immigrants to American life.

Indian-American Banga, who became the 14th president of the top bank this year, was among 35 honorees from diverse backgrounds and fields whose contributions and actions enriched and strengthened American society and democracy.

From India, he is the only honouree in the prestigious Carnegie list, which has named more than 700 “Great Immigrants” since 2006.

With over 30 years of experience in key positions, Banga is expected to usher in transformative policies at the World Bank to combat poverty and address climate change, opening opportunities for people around the globe, a Carnegie statement said on Wednesday.

“We need to find ways to embrace the value and talent immigrants have to offer — not the least of which is their diversity. Their diverse perspectives and experiences make us stronger,” Banga was quoted as saying in the statement.

Earlier this month,Banga became the new president of the World Bank, the first-ever Indian American to lead the institution.

He started his career in India, spending 13 years at Nestle India and two at PepsiCo, and in 1996, he joined Citigroup, eventually leading the Asia-Pacific region as CEO.

Later moving to the US, he served as President and CEO of Mastercard for 12 years before being named executive chairman.

Among numerous honors, he was awarded the Foreign Policy Association Medal, Padma Shri and the Ellis Island Medal of Honor.

The Class of 2023 Great Immigrants has individuals from 33 countries, who, according to the Corporation, “have fostered opportunities for others through their work as educators, mentors, philanthropists, job creators, public servants, storytellers, and advocates”.

“The 35 naturalized citizens honored today embody that tradition, reminding us that the contributions of immigrants make our country more vibrant and our democracy more resilient,” said Dame Louise Richardson, president of Carnegie Corporation of New York, and a naturalized citizen who first came to the US from Ireland as a graduate student.

Other honorees in the list are esteemed leaders in their fields, including two Nobel Prize laureates, an Olympian, a member of Congress, a university president, a public theologian and immigration advocate.

It also includes celebrities such Elle magazine editor-in-chief and TV personality Nina Garcia, bestselling novelist Min Jin Lee, seven-time Grammy Award winner Alanis Morissette, Hollywood star Pedro Pascal, and Academy Award winner Ke Huy Quan.

ALSO READ-Fauci to join faculty at Georgetown University

Categories
-Top News USA

Banga calls for greater role for private sector in climate fight

“What I think we have to do is… to find ways in the MDB system to think of a different playbook — to take on the risks that they cannot take on,” he added…reports Asian Lite News

Ajay Banga, the World Bank’s new President, called for the private sector to play a larger role to help emerging countries in their battle against climate change in his first interviews on Sunday.

He argued that countries from countries — essentially of the developed world, the World Bank, philanthropies and multilateral development banks (MDBs) will not be enough to meet the requirements of the emerging markets to help them transition from fossil fuel to clean fuel.

“The only way forward is to find a way to get the private sector to believe that this is part of their future,” said Banga, who took charge on June 2 as the 14th President of the World Bank, to CBS news.

He spoke also to CNN and made a similar pitch for scaling up private sector participation.

“What I think we have to do is… to find ways in the MDB system to think of a different playbook — to take on the risks that they cannot take on,” he added.

Banga is the first Indian-American to hold this position and called himself “Made in India” in the CNN interview, when he asked about the need for someone other than an American should lead the World Bank, which has always been headed by an American in an unwritten agreement with Europe, which, in return, gets to name the head of the International Monetary Fund.

Banga said he was born and raised in India and worked in both the developed and developing world and, thus, embodies the kind of diversity people may want to see at the leadership level.

Developing and less developed countries have long argued that in order to transition to clean energy they need help in resources and technology from the developed countries who caused most of the global warming with large-scale and unregulated industrialisation. And a climate fund set up to that effect has fallen way short of the committed targets.

ALSO READ-US Vice President Harris calls on World Bank chief Ajay Banga

Categories
-Top News Environment World News

World Bank President welcomes private sector in climate fight

Ajay Banga, the World Bank’s new President made a pitch for scaling up private sector participation….reports Asian Lite News

Ajay Banga, the World Bank’s new President, called for the private sector to play a larger role to help emerging countries in their battle against climate change in his first interviews on Sunday.

He argued that countries from countries — essentially of the developed world, the World Bank, philanthropies and multilateral development banks (MDBs) will not be enough to meet the requirements of the emerging markets to help them transition from fossil fuel to clean fuel.

“The only way forward is to find a way to get the private sector to believe that this is part of their future,” said Banga, who took charge on June 2 as the 14th President of the World Bank, to CBS news.

He spoke also to CNN and made a similar pitch for scaling up private sector participation.

“What I think we have to do is… to find ways in the MDB system to think of a different playbook — to take on the risks that they cannot take on,” he added.

Banga is the first Indian-American to hold this position and called himself “Made in India” in the CNN interview, when he asked about the need for someone other than an American should lead the World Bank, which has always been headed by an American in an unwritten agreement with Europe, which, in return, gets to name the head of the International Monetary Fund.

Banga said he was born and raised in India and worked in both the developed and developing world and, thus, embodies the kind of diversity people may want to see at the leadership level.

Developing and less developed countries have long argued that in order to transition to clean energy they need help in resources and technology from the developed countries who caused most of the global warming with large-scale and unregulated industrialisation. And a climate fund set up to that effect has fallen way short of the committed targets.

ALSO READ: US Vice President Harris calls on World Bank chief Ajay Banga