US President Joe Biden has nominated former Mastercard head Ajay Banga to lead the World Bank.
The Indian-American is chosen for his extensive experience in leading successful organisations in developing countries and forging public-private partnerships to address financial inclusion and climate change. In a statement, the US Treasury Secretary, Janet Yellen said that Banga was “uniquely” equipped to take on that charge, pointing to his track record of forging partnerships between governments, companies and non-profits.
Being the World Bank’s biggest shareholder, the US has traditionally been in charge of selecting the person to lead the institution, which lends billions of dollars to countries each year. It is up to the bank’s board to officially appoint its next head.
Ajay Banga, now a US citizen, started his career in India, where his father was an Army officer. He worked at Nestle and Citigroup before joining Mastercard. As Mastercard President and CEO, he led the company through a strategic, technological and cultural transformation. He currently serves as Vice Chairman at General Atlantic. Over the course of his career, Banga has become a global leader in technology, data, financial services and innovating for inclusion, said the statement issued by the White House.