WASHINGTON—President Biden will nominate Ajay Banga, the former president and CEO of Mastercard, to serve as president of the World Bank, the White House announced.
Banga is currently the vice chairman of General Atlantic, a private equity firm, and would succeed David Malpass as head of the World Bank. Malpass was tapped for the post by former President Donald Trump and announced this month his plan to step down on June 30, four years into a five-year term.
Analysts have said Banga is expected to be friendlier to embracing climate change-related issues than was Malpass.
“The World Bank president has been an American citizen since its founding after World War II, and the U.S. candidate is traditionally chosen to head the bank. The nominee must be confirmed by the World Bank's executive board,” CBS News noted.
Said President Biden in a statement, "Ajay is uniquely equipped to lead the World Bank at this critical moment in history. 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."
‘Proven Track Record’
The president added that across Banga's three decades of business experience, he has a "proven track record" of managing large organizations and working alongside leaders worldwide, and Biden highlighted his experience tapping into public-private resources to tackle pressing issues, including climate change.
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