US President Joe Biden nominated former Mastercard CEO Ajay Banga to lead the World Bank, crediting his experience with global challenges such as climate change. David Malpass, a Trump appointee, announced last week that he would step down in June from his role as head of the 189-nation poverty reduction agency. According to AP, his five-year term expires in April 2024.
With more than 30 years of experience, Banga served in various roles at Mastercard, Kraft Foods, Dow Inc., and the American Red Cross. He is the first Indian-born nominee for World Bank president. “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 mobilizing public-private resources to tackle the most urgent challenges of our time, including climate change.”