Coalition of Nobel laureates and other luminaries have endorsed the nomination of Indian-American Ajay Banga as the next President of the World Bank. The group of 55 leading academics, economists, and former government officials published an open endorsement letter on Thursday supporting Banga's candidacy for the post, saying he is the "right person to lead the World Bank at this critical moment."

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Banga, who is currently on a global listening tour with visits to Cote d’Ivoire and Kenya, was nominated by US President Joe Biden as the next President of the World Bank last month.

If confirmed, Banga would be the first-ever Indian-American and Sikh-American to head either of the two top international financial institutions: the International Monetary Fund and the World Bank.

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The letter of support for Banga's candidacy states that he possesses a rare combination of leadership, track record of building successful alliances across the public, private, and social sectors, and experience working in developing countries for tackling some of the most critical challenges facing our world.

The four Nobel laureates to endorse Banga are Dr Joseph Stiglitz, Dr Michael Spence, Professor Muhammad Yunus and Abhijit Banerjee.

“A truly global citizen, Ajay has extensive experience living and working in developing economies. Importantly, as a leader with a deep appreciation for the global south, he intuitively understands that economic growth can only be sustained if people and nature thrive together, not apart,” the letter said.

The letter also highlighted Banga's work on climate change and financial inclusion, citing his efforts at Mastercard to successfully bring 500 million previously unbanked people into the digital economy. "Included in this has been a commitment to bringing more women into the global economy-recognizing that women play an essential role in sustainable development solutions," the letter of support said.

Banga has also played a key role in promoting investments in companies leading EV charging and solar power solutions for off-grid populations in Africa and India as an advisor to General Atlantic's climate-focused fund, BeyondNetZero. He built a regenerative agriculture partnership in Latin America to help farmers shift their practices toward long-term sustainability in a region at high-risk for climate disaster.

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"If elected to serve, Banga will draw from his experience living and working in emerging markets and his expertise in forging public-private partnerships to mobilize investments and action to confront longstanding challenges," a statement by the Department of Treasury said.

In London on March 9 and 10, Banga met senior government officials and civil society leaders in a meeting focused on development. He also convened leaders from the financial sector for a roundtable discussion focused on expanding climate finance. Banga will meet with senior government officials from a cross-section of European Union member states in Brussels, Belgium, on March 13 and 14.

His conversations will focus on how the Bank can best meet its core development goals while addressing global challenges like climate change, pandemics, and fragility.

Banga currently serves as Vice Chairman at General Atlantic. He was awarded the Padma Shri in 2016.

With agency inputs.