Healey-Driscoll Administration Announces Navjeet Bal as MassDevelopment President and CEO

BOSTON – Today, the Healey-Driscoll administration announced that Navjeet Bal will serve as MassDevelopment’s new president and CEO. Bal brings more than 35 years of experience in infrastructure finance, legal expertise, and strategic leadership to the role.   "MassDevelopment is a vital economic development resource that helps our cities and towns, businesses, banks, and communities achieve their economic potential,” said Governor Maura Healey. “Navjeet’s strong experience in both the public and private sectors will enable MassDevelopment to meet the evolving needs of our state, and we look forward to working with her to drive innovative strategies to grow our economy.”   "Congratulations to Navjeet Bal on her appointment to lead MassDevelopment, an important driver of economic development across Massachusetts,” said Lieutenant Governor Kim Driscoll. “We are grateful to have Navjeet join our team and are confident she will work tirelessly in her new role to support economic growth statewide for all the residents in Massachusetts.”  The MassDevelopment Board of Directors voted to confirm Bal’s role today, and she will begin on December 9.   "We are thrilled to welcome Navjeet Bal to the MassDevelopment team,” said Economic Development Secretary Yvonne Hao, who serves as chair of MassDevelopment’s Board of Directors. “Her deep expertise in finance, public service, and strategic leadership will advance our work to expand economic opportunity and growth for the communities and residents of our state.”  Bal joins MassDevelopment after nearly a decade at Social Finance Inc., a national nonprofit and registered investment advisor with expertise in developing innovative funding models that measurably improve lives, where she serves as General Counsel and Chief Compliance Officer. She previously served in roles at Mintz Levin, Nixon Peabody LLP, and the Massachusetts Department of Revenue, where she was the Commissioner of Revenue under former Governor Deval Patrick from 2008 to 2011. She led the Department of Revenue through the Great Recession and into economic recovery, implementing a new corporate tax structure, tax credits, and the nation’s first individual health insurance mandate.  “It is a privilege and an honor to join the Healey-Driscoll administration at this exciting time, and I look forward to working with Governor Healey, Lt. Governor Driscoll, Secretary Hao and the entire MassDevelopment team in supporting economic development across the Commonwealth,” said Bal.    Bal has been recognized with a Grunin Prize for Social Entrepreneurship at NYU Law School for her legal work on the Veterans CARE project, the nation’s first Social Impact Bond serving veterans. She was also recognized as one of the first recipients of the NASABA Cornerstone Award for her leadership in the South Asian legal community. Bal graduated with a bachelor’s degree in philosophy from Williams College and juris doctor from Northeastern University School of Law. She currently serves on the board of the Boston Public Library.    Bal joins the MassDevelopment team at an exciting time, which includes the signing this week of Governor Healey’s economic development bill the Mass Leads Act, a nearly $4 billion bill that will strengthen Massachusetts’ global leadership in climatetech, life sciences and AI, create jobs, expand workforce development programs, and support rural and regional economic development initiatives.   Mass Leads includes several provisions involving MassDevelopment, including the reauthorization of key economic development programs in the Community One Stop for Growth implemented by the agency. The bill also supports housing and economic development prospects in Devens, the former military base overseen by MassDevelopment that has been redeveloped into a regional enterprise zone, by eliminating a cap on the number of residential units and square feet of commercial and industrial development that can occur there. Mass Leads also includes a directive to merge MassDevelopment and another quasi-governmental agency overseen by the Executive Office of Economic Development, Massachusetts Growth Capital Corporation, to ensure a more coordinated, cohesive approach to supporting small businesses.    About MassDevelopment  MassDevelopment, the state’s development finance agency and land bank overseen by the Massachusetts Executive Office of Economic Development, works with businesses, nonprofits, banks, and communities to stimulate economic growth across the Commonwealth. During FY2024, MassDevelopment financed or managed 349 projects generating investment of more than $3.5 billion in the Massachusetts economy. These projects are estimated to create or support 22,426 jobs and build or preserve 1,754 housing units.