US President Joe Biden nominates Indian-American Ajay Banga to lead World Bank – Times of India

NEW DELHI: Former chief executive officer (CEO) of Mastercard Ajay Banga has been nominated by United States to lead the World Bank, President Joe Biden announced on Thursday.
Banga, who is of Indian origin, is currently the vice-chairman at private equity firm General Atlantic.
Banga has more than 30 years of business experience and has 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.

The announcement comes days after the present World Bank head David Malpass revealed his plan to step down from his role in June, earlier than the expiry of his term. Malpass’ five-year term with World Bank was due to end in April 2024.
While announcing Banga’s name, Joe Biden credited him with critical experience on global challenges including climate change.
“Ajay 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 mobilising public-private resources to tackle the most urgent challenges of our time, including climate change.”
Meanwhile, US 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.”
The official nomination process to replace Malpass opened earlier on Thursday, however a final selection isn’t expected until early May.
The official nomination process to replace Malpass opened earlier on Thursday, however a final selection isn’t expected until early May
Banga’s nomination is the first to be made public, but the bank will accept nominations from other member countries through March 29. Germany, another major shareholder, this week said the job should go to a woman since the bank has never been headed by a woman in its 77-year history.
Banga retired in December 2021 after 12 years at the helm of Mastercard Inc, where he set a target of bringing 1 billion people and 50 million micro- and small businesses into the digital economy by 2025.
He also serves as co-chair of the Partnership for Central America, where he worked closely with U.S. Vice President Kamala Harris to mobilize public, private and non-profit resources for Northern Central America.
(With inputs from agencies)