Ajay Banga: world must focus on creating jobs

World must focus on creating jobs


Rahul Tandon speaks to Ajay Banga, President of the World Bank.


Born in India in 1959, Mr. Banga’s career in business began in
the early-1980s, when he started out as a management trainee with
the food multinational Nestlé. He then made the move into finance
over a decade later, when he joined the Citigroup bank. He
quickly rose through the ranks to become the Chief Executive of
the bank’s Asia-Pacific business, before then moving onto
Mastercard, where he eventually became CEO.


During this time, Mr. Banga, who became a US citizen in 2007,
also advised a number of senior US politicians - including
President Barack Obama and later, Vice-President Kamala Harris.
It was Harris’ boss, President Joe Biden, who subsequently
nominated him to lead the World Bank in 2023.


The World Bank is a group of international organisations, such as
the International Development Association and the International
Finance Corporation, that provide grants and loans to low and
middle-income countries for the purpose of economic development.
As some of these countries are considered to be too high-risk by
the international financial markets, the World Bank is an
important source of financial support.


Since the middle of the last century, the group has navigated
multiple global political and economic challenges, adapting along
the way to ensure that that financial support continues. Going
forward, Mr. Banga believes there’s an overriding priority for
sustainable development - jobs. The Interview brings you
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Presenter: Rahul Tandon Producers: Ben Cooper & Niamh
McDermott Editors: Nick Holland & Damon Rose


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