President Joe Biden said on Thursday he would put forward Ajay Banga, the former CEO of Mastercard, to be confirmed as the next president of the World Bank, after Donald Trump’s nominee David Malpass resigned amid outcry over comments that appeared deny the existence of human beings. -caused climate change.
In a statement announcing Banga’s appointment, the White House described him as a “business leader with extensive experience leading successful organizations in developing countries and forging public-private partnerships to address financial inclusion and climate change.”
Biden said Banga is “uniquely equipped” to lead the international financial institution – in which the US is the largest shareholder – at a “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, as well as guiding organizations through periods of fundamental change. He has a proven track record of managing people and systems and partnering with global leaders around the world to deliver results,” said Biden.
Traditionally, the head of the World Bank has always been a US citizen and is appointed by the President of the United States, although this appointment is subject to approval by the bank’s executive board. If confirmed, Banga would serve a renewable five-year term.
Although Mr. Banga is an American citizen, he was born in India and educated in Indian schools and universities. The former Chief Executive of Mastercard has also served on corporate boards for the American Red Cross, Kraft Foods and Dow Inc, and was Co-Chair of the Partnership for Central America – a role in which he worked closely with Vice President Kamala Harris .
In a statement, Harris said he would be “a transformative president of the World Bank as the institution works to meet its key development goals and address urgent global challenges, including climate change.”
“Since I was elected Vice President, Ajay and I have worked together on a new public-private partnership model designed to address the root causes of migration in North Central America. Through this partnership, nearly 50 companies and organizations have mobilized to generate more than $4.2 billion in commitments that will create opportunity and hope for the people of the region. Ajay brought great insight, energy and persistence to the challenges of advancing economic development and tackling the root causes of migration,” she said.