US President Joe Biden on Thursday announced that Washington is nominating former Mastercard chief executive Ajay Banga to lead the World Bank after its current chief David Malpass announced plans to step down early.

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A statement issued by the White House read, "President Biden announced that the United States is nominating Ajay Banga, a business leader with extensive experience leading successful organizations in developing countries and forging public-private partnerships to address financial inclusion and climate change, to be President of the World Bank."

While United States is the largest shareholder in the bank, and traditionally their nominee does get approved by the Bank’s board of executive directors — he still has to be elected.

Biden, in a statement, said, “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. He has a proven track record managing people and systems, and partnering with global leaders around the world to deliver results."

Biden added: "He also has critical experience mobilizing public-private resources to tackle the most urgent challenges of our time, including climate change. Raised in India, Ajay has a unique perspective on the opportunities and challenges facing developing countries and how the World Bank can deliver on its ambitious agenda to reduce poverty and expand prosperity.”

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WHO IS AJAY BANGA?

Ajay Banga currently serves as Vice Chairman at General Atlantic. Previously, he was President and CEO of Mastercard.

He is Honorary Chairman of the International Chamber of Commerce, serving as Chairman from 2020-2022.

He is also Chairman of Exor and Independent Director at Temasek.

Banga has worked closely with US Vice President Kamala Harris as the Co-Chair of the Partnership for Central America. He is a member of the Trilateral Commission, a founding trustee of the US-India Strategic Partnership Forum, a former member of the National Committee on United States-China Relations, and Chairman Emeritus of the American India Foundation.

He is a past member of the US President’s Advisory Committee for Trade Policy and Negotiations.

Banga was awarded the Foreign Policy Association Medal in 2012, the Padma Shri Award by the President of India in 2016, the Ellis Island Medal of Honor and the Business Council for International Understanding’s Global Leadership Award in 2019, and the Distinguished Friends of Singapore Public Service Star in 2021.

Also read: World Bank's president says rising fertiliser and food prices huge challenge for most developing countries

First Published:Feb 23, 2023 9:06 PM IST