Former Mastercard CEO Ajay Banga Nominated By US President To Lead World Bank

• Image Credit: Google

• Feb 23, 2023 | Dhupali Das

The announcement comes just days after Trump appointee David Malpass announced his plan to leave the 189-nation poverty reduction agency...

Digital Desk: United States is nominating former Mastercard CEO Ajay Banga to lead the World Bank, President Joe Biden announced on Thursday, citing his critical experience with global concerns such as climate change.

The announcement comes just days after Trump appointee David Malpass announced his plan to leave the 189-nation poverty reduction agency in June. His five-year term would have ended in April 2024.

Tackling the effects of climate change at the multilateral bank is a top priority for the United States. Leading environmentalists have also pushed the Biden administration to take advantage of Malpass' early retirement as an opportunity to revamp the influential financial institution, which has come under fire for being unfriendly to less rich countries and initiatives to combat climate change.

Malpass received criticism last year for seeming to cast doubt on the science that says burning fossil fuels causes global warming in statements at a conference. However, he expressed regret and stated that he had made a mistake, stressing that the bank regularly relies on climate science.

Banga, currently vice chairman of private equity company General Atlantic, has over 30 years of commercial experience, having served in numerous roles at Mastercard and on the boards of the American Red Cross, Kraft Foods, and Dow Inc. Notably, he is the first Indian-born candidate for World Bank President.

"Ajay is uniquely qualified to lead the World Bank at this important juncture in history," Biden said in a statement, adding that Banga "has critical expertise mobilizing public-private resources to address our time's most pressing challenges, including climate change."

In a statement, Treasury Secretary Janet Yellen said Banga's experience "will help him fulfill the World Bank's objectives of reducing extreme poverty and creating shared prosperity while pursuing the adjustments required to effectively evolve the institution," including meeting "ambitious goals for climate adaption and emissions reduction."