U.S. President Joe Biden nominated former Mastercard President and CEO Ajay Banga to direct the World Bank one week after the international financial organization’s current leader stepped down amid heavy criticism from climate advocates.
President Joe Biden nominated former Mastercard CEO Ajay Banga to direct the World Bank.
The Biden administration announced its nomination of Banga, who currently serves as the vice chairman of U.S. private equity firm General Atlantic, in a statement, lauding Banga as a “global leader in technology, data, financial services and innovation for inclusion.”
It comes just over a week after David Malpass, the current president of the World Bank, announced his resignation, saying he would leave at the end of June, a year before his five-year term was set to expire.
The Biden administration’s nomination is the first step in appointing a new head of the World Bank, a position that is typically nominated by the U.S., before a nominee is confirmed by the World Bank’s board.
Malpass, who was appointed in 2019 by former President Donald Trump, came under fire last September after he expressed skepticism at a New York Times event when asked if he accepted climate change, saying, “I’m not a scientist.” That prompted former Vice President Al Gore to label him a “climate denier.”
Banga was appointed by former President Barack Obama in February 2015 to serve on his Advisory Committee for Trade Policy and Negotiations. Banga also served on the Obama administration’s Commission on Enhancing National Cybersecurity.