Ex-Mastercard CEO Ajay Banga Nominated To Lead World Bank

New York: Former Mastercard chief executive Ajay Banga has been nominated by the US to become World Bank president.

The president of the World Bank is typically American, while the leader of the International Monetary Fund is customarily European.

Banga, 63, is Indian-American and currently serving as vice chairman at equity firm General Atlantic.

Ajay is uniquely equipped to lead the World Bank at this critical moment in history,” President Biden said in a statement.

“He has spent more than three decades building and managing successful, global companies that create jobs and bring investment to developing economies, and guiding organizations through periods of fundamental change.”

Last week current World Bank President Malpass — who was nominated to the post by Biden’s predecessor Donald Trump in 2019 — said he would step down nearly a year early, ending a tenure that was clouded by questions over his climate stance.

His term would originally have ended in 2024.

Banga’s nomination comes amid a push for development lenders to revamp and address global problems like environmental issues more effectively.