Washington, Feb. 24 (BNA) President Joe Biden announced that the United States is nominating former MasterCard CEO Ajay Banga to lead the World Bank, citing his critical experience with global challenges including climate change.
The news comes days after Trump appointee David Malpass announced plans to step down in June from his role leading the 189-country poverty reduction agency. His five-year term was due to expire in April 2024, according to the Associated Press.
Banga, who is currently the vice chairman of the private equity firm General Atlantic, brings more than 30 years of business experience, having held various positions at Mastercard and the boards of directors of the American Red Cross, Kraft Foods and Dow Inc. He is the first Indian-born candidate for the role of President of the World Bank.
“Ajayi is uniquely equipped to lead the World Bank at this critical moment in history,” Biden said in a statement, adding that Banga “has critical experience mobilizing public and private resources to address the most pressing challenges of our time, including climate change.”
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