US President Joe Biden nominates Indian origin Ajay Banga to lead World Bank

The President of the United States, Joe Biden, on Thursday, nominated Indian American Ajay Banga – the former Mastercard CEO, to lead the World Bank. Statement of Biden stated that Ajay is uniquely equipped to lead the World Bank at this essential historical moment.

He has spent over three decades building and managing successful global companies that make jobs, bring investment to developing economies, and guide organizations via periods of fundamental change.

President Joe Biden added that Ajay has a proven track record managing people and systems and collaborating with global leaders to deliver the best possible results.

Ajay Banga is a business leader with extensive experience leading successful organizations in developing nations and forging public-private collaborations to address financial inclusion, and climate change is to be the President of the World Bank.

The statement added that Banga also has critical experience mobilizing public-private resources to tackle the most pressing issues of this time, including climate change. He was raised in India and had a unique perspective on the challenges and opportunities facing developing nations and how the World Bank could deliver on its ambitious agenda to lessen poverty and expand prosperity.

The US President took the decision after the President of the World Bank, David Malpass, stated that he would be stepping down almost a year early from his position. Malpass’s decision to exit came months after calls rose for him to step down after he rejected to acknowledge the scientific consensus that fossil fuels were warming the globe.

He also fronted criticism from climate activists in September after he denied to confirm during a climate panel whether he abode the scientific consensus that burning fossil fuels were hardly warming the planet, as per the reports. Presently, Banga serves as the Vice Chairman at General Atlantic, and earlier, he was the President and CEO of Mastercard, leading the company via a technological, strategic as well as cultural transformation.