Washington, D.C., US: Mr. Ajay Banga, a former executive at MasterCard, has been named as President Mr. Joe Biden’s nominee for the World Bank.

Mr. Banga is “uniquely equipped to lead the World Bank at this critical moment in history,” according to a statement from Mr. Biden, who also noted that Mr. Banga has a “proven track record managing people and systems, and partnering with global leaders around the world to deliver results.”

Since 2022, Mr. Banga has served as vice chairman of General Atlantic, an investment company with headquarters in New York. The 63-year-old had previously served as MasterCard’s CEO from 2010 to 2021. “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,’ Mr. Biden said in the statement.

Notably, the White House highlighted Mr. Banga’s “extensive experience” in creating partnerships to address climate change and financial inclusion,” something Biden pledged would be an important qualification for the next World Bank President.

Mr. David Malpass, the previous president, announced last week that he is stepping down a year early after serving only four years of a five-year term. Mr. Banga would take over for Mr. Malpass. Mr. Malpass’ leadership was criticised after remarks he made last September concerning climate change, despite the World Bank and administration officials having lauded him for his management of the international issues brought by Russia’s invasion of Ukraine and the COVID-19 outbreak.

Here declined to say whether he agreed with the scientific consensus that burning fossil fuels was dangerously overheating the earth during a panel discussion on climate change.

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