President of World Bank Group Ajay Banga will be a part of a new “Board of Peace” formed by the US government. The White House announced the formation of the board as part of US President Donald Trump’s proposed framework for the temporary governance and reconstruction of Gaza. The panel will be chaired by Donald Trump.
The announcement comes against the backdrop of continued instability in Gaza, where a ceasefire that came into effect in October has held unevenly.
The Board of Peace will take charge of executing Phase Two of President Trump’s Gaza plan. According to the White House, the roadmap centres on reshaping governance, rebuilding shattered infrastructure and jump-starting the economy to lay the groundwork for long-term stability.
Who is Ajay Banga?
Ajay Singh Banga, 66, currently serves as the 14th President of the World Bank Group, a role he assumed in June 2023 after being nominated by former President of the United States Joe Biden. His five-year term places him at the centre of global development finance at a time when multilateral institutions are under pressure to deliver faster results in fragile and conflict-affected regions.
Banga holds a Bachelor of Arts (Honours) degree in economics from St Stephen’s College in Delhi and a postgraduate management degree from the Indian Institute of Management Ahmedabad. His career spans more than three decades across consumer goods, banking and global institutions.
Professional journey
He began his professional journey at Nestlé India, where he spent over a decade in sales and marketing roles. In 1994, he moved to PepsiCo, heading its snacks business marketing operations in India. His transition to financial services came with Citigroup, where he rose to become Chief Executive Officer of Citigroup Asia Pacific in 2008.
Before taking charge of the World Bank, Banga was elected chairman of the International Chamber of Commerce in 2020. Born in Khadki, Maharashtra, into a Sikh family, Banga is married to Ritu Banga, who is also an IIM Ahmedabad graduate.