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.

Presenter: Rahul Tandon

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