Biden Nominates Ajay Banga, Ex-Mastercard CEO to Lead World Bank
By Boniface Ihiasota, USA
United States President Joe Biden has announced the nomination of former Mastercard CEO Ajay Banga as the candidate to lead the World Bank.
The development, on Thursday, followed the announcement of current chief David Malpass’s plan to step down early.
The process for candidate nominations for the development lender is set to run until March 29, with the bank strongly encouraging women candidates to apply.
Although traditionally, the president of the World Bank is American, while the head of the International Monetary Fund is European.
Banga, a 63-year-old Indian-American, currently serves as vice chairman at equity firm General Atlantic and has previously served as CEO at Mastercard.
Biden stated that Banga’s experience in mobilising public-private resources to address critical challenges, including climate change, made him a suitable candidate.
