Season 5 - Ep. 13 | The Urgent Race to Create 800 Million Jobs: World Bank President Ajay Banga’s Global Challenge

Roughly 1.2 billion young people will reach working age in developing countries over the next 10-15 years. However, current projections show that only 420 million jobs are expected to be created by that time, meaning millions of young people will be left without a clear path to employment.

World Bank President Ajay Banga joins Clarke Murphy and Marla Oates on Redefiners to talk about what the Bank is doing about it, and why job creation is so critical to both developing countries and the global economy. Ajay talks about what he’s doing to transform the 80-year old institution into a faster, more efficient, and more impactful partner in development, including partnering more with the private sector to increase investments in emerging markets. He also discusses what he calls the Decency Quotient and how leaders can tap into that in order to lead people with a hand on their back, not in their face.

We’ll also hear from Rebecca Hart, a leadership advisor in our Atlanta office, who will discuss why the most successful leaders prioritize curiosity over having all the answers.

Ajay Banga
President, World Bank

Ajay Banga is the President of the World Bank Group, beginning his five-year term on June 2, 2023. He stepped into the role with a clear mandate: to transform the 80-year-old institution into a faster, more efficient, and more impactful partner in development.

Since taking office, Ajay has led the adoption of a new vision and mission for the World Bank: to create a world free of poverty—on a livable planet. Under his leadership, the Bank has undertaken a broad set of reforms to boost lending capacity, simplify operations, and deliver development solutions that are practical, scalable, and impactful. He has prioritized a more agile institution—one that is easier to work with and focused on getting results.
At the core of Ajay’s agenda is a belief that job creation is the most powerful driver of development—offering not just income, but dignity and purpose. That conviction has helped shape new efforts to connect 300 million Africans to electricity by 2030, expand access to quality and affordable healthcare for 1.5 billion people, and develop a modern approach to agribusiness that can drive growth, improve food security, and create economic opportunity.

Ajay has also brought renewed focus to harnessing the power of the private sector. He has strengthened collaboration with development partners, philanthropies, and investors, and launched the Private Sector Investment Lab—bringing together leading CEOs and asset managers to tackle the barriers holding back private capital in emerging markets. His approach reflects a fundamental shift: development progress at scale cannot be achieved without the innovation, financing, and execution capabilities of the private sector.

Prior to joining the World Bank, Ajay was Vice Chairman at General Atlantic and, before that, President and CEO of Mastercard. There, he led a global workforce of nearly 24,000 and made financial inclusion a core part of the company’s strategy. He also founded the Mastercard Center for Inclusive Growth to advance equitable and sustainable economic opportunity.