Indian-American banker Ajay Banga has been named to a newly announced “Board of Peace” under U.S. President Donald Trump, tasked with overseeing the temporary governance of Gaza amid ongoing violence and a fragile ceasefire.
The White House said the board will be chaired by Trump and will include Banga, who currently serves as the 14th president of the World Bank Group.
Banga was nominated to lead the World Bank by former U.S. president Joe Biden in February 2023. His five-year term was confirmed in May that year, and he assumed office on June 2, 2023. Since then, he has pushed reforms to make the 80-year-old institution faster, more efficient and more focused on practical, scalable development solutions.
Born on Nov. 10, 1959, in Khadki, Maharashtra, Banga comes from a Sikh family; his father served as an officer in the Indian Army. He earned an honours degree in economics from St. Stephen’s College, Delhi, in 1981, followed by a postgraduate management degree from the Indian Institute of Management Ahmedabad.
Before entering public service, Banga built a long corporate career. He served as president and chief executive of Mastercard, leading a global workforce of nearly 24,000, and later as vice-chairman at General Atlantic. He also founded the Mastercard Center for Inclusive Growth to promote inclusive and sustainable economic opportunity.
Banga has held several prominent leadership roles, including chair of the International Chamber of Commerce from 2020 to 2022, and has served on boards such as the American Red Cross, Kraft Foods and Dow Inc. He is also a co-founder of the Cyber Readiness Institute.
His contributions have earned global recognition, including India’s Padma Shri in 2016, the Singapore Public Service Star in 2022, the Foreign Policy Association Medal and the Ellis Island Medal of Honour.