US President Joe Biden nominates ex-Mastercard CEO Ajay Banga to lead World Bank
Ajay Banga, currently vice chairman at private equity firm General Atlantic, has more than 30 years of business experience, having served in various roles at Mastercard and the boards of the American Red Cross, Kraft Foods and Dow Inc. He is the first Indian-born nominee to the World Bank president role.
US President Joe Biden said on February 23 that Washington is nominating former Mastercard chief executive Ajay Banga to lead the World Bank after its current chief David Malpass announced plans to step down early. The development lender has just started accepting candidate nominations in a process set to run until March 29, with the bank saying women candidates would be "strongly" encouraged.
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The news comes days after Trump appointee David Malpass announced plans to step down in June from his role of leading the 189-nation poverty reduction agency. His five-year term was due to expire in April 2024.
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Banga, who is currently vice chairman at private equity firm General Atlantic, has more than 30 years of business experience, having served in various roles at Mastercard and the boards of the American Red Cross, Kraft Foods and Dow Inc. He is the first Indian-born nominee to the World Bank president role.
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The president of the World Bank is typically American, while the head of the International Monetary Fund is customarily European.
Banga has "critical experience mobilizing public-private resources to tackle the most urgent challenges of our time, including climate change," said Biden in a statement. His nomination comes amid a push for development lenders to revamp and address global problems like environmental issues more effectively.
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Treasury Secretary Janet Yellen said in a statement that Banga's experience “will help him achieve the World Bank’s objectives of eliminating extreme poverty and expanding shared prosperity while pursuing the changes needed to effectively evolve the institution,” which include meeting “ambitious goals for climate adaptation and emissions reduction.”
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The World Bank has promised to conduct “an open, merit-based and transparent selection process″ and said it would accept nominations through March 29. The bank is under pressure to expand its mandate — an effort that likely would require the next president to convince donor countries to provide more money. (With inputs from agencies)
![US President Joe Biden said on February 23 that Washington is nominating former Mastercard chief executive Ajay Banga to lead the World Bank, after its current chief David Malpass announced plans to step down early. The development lender has just started accepting candidate nominations in a process set to run until March 29, with the bank saying women candidates would be "strongly" encouraged.](https://images.moneycontrol.com/static-mcnews/2023/02/2-ajay-banga-world-bank-nominations.jpg "US President Joe Biden said on February 23 that Washington is nominating former Mastercard chief executive Ajay Banga to lead the World Bank, after its current chief David Malpass announced plans to step down early. The development lender has just started accepting candidate nominations in a process set to run until March 29, with the bank saying women candidates would be "strongly" encouraged.")
![Banga has "critical experience mobilizing public-private resources to tackle the most urgent challenges of our time, including climate change," said Biden in a statement. His nomination comes amid a push for development lenders to revamp and address global problems like environmental issues more effectively.](https://images.moneycontrol.com/static-mcnews/2023/02/1-ajay-banga-world-bank-nominations.jpg "Banga has "critical experience mobilizing public-private resources to tackle the most urgent challenges of our time, including climate change," said Biden in a statement. His nomination comes amid a push for development lenders to revamp and address global problems like environmental issues more effectively.")
