Ajay Banga, a corporate leader, was nominated by U.S. President Joe Biden on Thursday to lead the World Bank, praising him for his success in creating P3 alliances to address financial inclusion and climate change.
Ajay Banga, vice chairman of General Atlantic
After the World Bank’s current head, David Malpass announced plans to step down early, U.S. President Joe Biden stated that Washington is selecting former Mastercard Chief Executive Ajay Banga to take the helm.
The developmental lender has just begun accepting nominations for candidates, which will last until March 29. According to the bank, women applicants will be “highly” encouraged.
American presidents typically lead the World Bank and the International Monetary Fund, respectively, whereas European presidents typically head those organizations.
The 63-year-old vice chairman of the equity firm General Atlantic, Banga, is an Indian-American and previously served as Mastercard’s CEO. Initially, his term was set to expire in 2024. When working for Mastercard, Banga stated that he thinks cryptos are “garbage.”
The nomination of Banga comes at a time when development bankers are being urged to restructure and better handle global challenges like environmental concerns.
U.S. Treasury Secretary Janet Yellen has stated that the fundamental lending models, in which nations borrow to make specified expenditures addressing developmental restrictions, are “insufficient to meet the moment.”
When asked about Washington’s choice not to nominate a woman, the official stated that Banga would represent that viewpoint at the bank because of his “personal conviction and good track record promoting diversity, equity, and inclusion in the work that he does.”
The progressive Revolving Door Project’s Jeff Hauser urged President Biden to withdraw his nomination of a senior official from a “rapacious international private equity firm” who had previously solely worked for private sector companies.
Banga, 63, who was raised in India but is now a citizen of the United States, is vice chair of General Atlantic, a private equity firm in the United States that has invested over $800 million in solar energy, sustainable agriculture, and E.V. charging solutions.
He also serves as the honorary chair of the International Chamber of Commerce.