Former Mastercard CEO Ajay Banga is nominated by US President Joe Biden on Thursday (local time) for the position of World Bank president.
“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,” read Biden’s statement.
The World Bank will be led by Banga, a corporate executive with vast experience, building effective organisations in poor nations and creating public-private partnerships to solve issues like financial inclusion and climate change.
The decision was reached after the World Bank President David Malpass announced that he will leave his office nearly a year early. Malpass’ resignation comes months after calls for him to resign mounted, as a result of his refusal to accept the scientific consensus that fossil fuels were responsible for global warming.
Climate activists criticised Malpass in September, after he declined to say if he agreed with the scientific consensus that burning fossil fuels was dangerously warming the globe at a climate panel, according to media reports.
Banga is the vice chairman of General Atlantic at the moment. Prior to this, he led the corporation through a strategic, technological, and cultural revolution as President and CEO of Mastercard.
In addition to receiving the Ellis Island Medal of Honor, and the Business Council for International Understanding’s Global Leadership Award in 2019, Banga also received the Foreign Policy Association Medal in 2012, the Padma Shri from the President of India in 2016, and the Distinguished Friends of Singapore Public Service Star in 2021.
To aid in the eradication of poverty, the World Bank, an organisation made up of 187 countries, provides loans to developing nations. Malpass was selected to lead the World Bank in 2019 by former US President Donald Trump for a five-year term. The United States, traditionally, appoints its president because it is the largest shareholder.
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