Former Mastercard CEO Ajay Banga nominated by US President Biden to head World Bank

US President Joe Biden nominated former Mastercard Chief Executive Ajay Banga to lead the World Bank after David Malpass the current chief decided to step down early.

Candidate nominations are being accepted by the development lender in a process that will go on until March 29th with the bank stating that women candidates will be ‘strongly’ encouraged.

Ajay Banga is Indian-American and is currently the vice chairman at equity firm General Atlantic. US Treasury Secretary Janet Yellen had said that lenders core models, where countries borrow to make specific investments addressing developmental constraints is “insufficient to meet the moment.” She also stated “Banga has the right leadership and management skills, experience living and working in emerging markets, and financial expertise to lead the World Bank at a critical moment in its history”.

Banga’s nomination comes at a time for development lenders to address global issues, environmental issues more effectively, a senior US administration official said: “at Mastercard and General Atlantic, Ajay has made combating climate change and mobilizing private capital to help power the green transition a priority. These are experiences and priorities that will guide and drive his work in the years ahead at the World Bank.”

The United States is World Bank’s largest shareholder and it is being believed that Banga will be excellent in bringing diversity in his work