President Joe Biden announces he is nominating Ajay Bangu, former MasterCard executive, for office President of the World Bank.
In a statement, Biden said that clap “is uniquely positioned to lead the World Bank at this critical time in history” and that he has “a proven track record in managing people and systems and partnering with world leaders to deliver results.”
Banga has been vice chairman of New York-based investment firm General Atlantic since 2022. Prior to that, the 63-year-old was the CEO of MasterCard 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 program to reduce poverty and increase prosperity,” Biden said in a statement. Notably, the White House highlighted Bangui’s “extensive track record in building partnerships to address climate change and expand financial inclusion,” which Biden said would be an important qualification for the next World Bank president.
Banga will replace previous President David Malpass, who announced last week that he was stepping down a year early after serving four years of a five-year term.
While Malpass has been praised by the World Bank and administration officials for his handling of global issues related to Russian invasion of Ukraine and the Covid-19 pandemic, his tenure has sparked controversy following comments he made last September about climate change. During the panel, he declined to confirm during the climate panel whether he agreed with the scientific consensus that burning fossil fuels is dangerously warming the planet.
After the outpouring of criticism, many opponents called for his resignation. However, he recently told CNN’s Julia Chatterley that he has “no regrets” about his four-year tenure.
“We have achieved a lot of what I wanted… I think it is very important that the institutions have energy, new energy, and now is the time for the World Bank to do this,” he said.
US Treasury Secretary Janet Yellen praised the decision to name Bang in a statement.
“He has the necessary leadership and management skills, experience of living and working in emerging markets and financial experience to lead the World Bank at a critical time in its history, achieve its key development goals and develop the Bank to address global challenges such as climate change. “, – she said.
US Climate Ambassador John Kerry said Banga is “the right choice” because of his experience with climate change.
Banga has “proven his ability as a manager of large institutions and is adept at investing and raising capital to drive a green transition,” Kerry said in a statement.
The World Bank, a group of 187 countries, lends money to developing countries to help reduce poverty. Former US President Donald Trump appointed Malpass to head the World Bank in 2019 for a five-year term. The United States, as the largest shareholder, traditionally appoints its president.
– Sam Fossum of CNN contributed to this report.