Joe Biden nominates ex-Mastercard CEO Ajay Banga to lead World Bank

24th Feb 2023

Myonlineprep

International

World Bank has started accepting nominations in a process set to run until March 29, with the bank saying women candidates would be “strongly” encouraged.
U.S. President Joe Biden said 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 president of the World Bank is typically American, while the head of the International Monetary Fund is customarily European.

Ajay Banga as vice-chairman at equity firm General Atlantic

Mr. Banga, 63, is Indian-American, and currently serving as vice-chairman at equity firm General Atlantic. He was previously chief executive officer at Mastercard.
Mr. Banga has “critical experience mobilising public-private resources to tackle the most urgent challenges of our time, including climate change,” said Mr. Biden in a statement.
His nomination comes amid a push for development lenders to revamp and address global problems like environmental issues more effectively.
The United States is the World Bank's largest shareholder.