US puts forward businessman to lead World Bank

BBC News

US President Joe Biden is nominating Indian-American businessman Ajay Banga to lead the World Bank, after its previous leader resigned early.

The move comes as the US calls for reforms at the bank, including increased focus on climate change.

Raised in India, Mr Banga led credit card giant Mastercard for more than a decade.

Mr Biden said he had the right mix of management and financial experience to help the bank deliver on its goals.

The US has traditionally been in charge of selecting the person to lead the World Bank, which lends billions of dollars to countries each year.

David Malpass, who was nominated by former US President Donald Trump, announced his plans to leave the organisation earlier this month.  

Ajaypal Singh Banga (born November 10, 1959) is an Indian-American business executive. On February 23, 2023, he was nominated by President of the United States Joe Biden to lead the World Bank. He is currently Vice Chairman at General Atlantic. He was executive chairman of Mastercard, after having previously served as president and chief executive officer (CEO) of the company from July 2010 until December 31, 2020. He retired from this position on December 31, 2021 to join General Atlantic. His pay package in 2020, was $27.77 million. He is also the chairman of Netherlands-based based investment holding company Exor and chairman of the public-private Partnership for Central America with U.S. Vice President Kamala Harris.

Banga is the former chairman of the U.S.-India Business Council (USIBC) representing more than 300 of the largest international companies investing in India and chairman of the International Chamber of Commerce. He is also a member of the board of directors of the Dow Chemical Company; member of the Council on Foreign Relations; and member of International Business Council of the World Economic Forum.

Source- wikipedia.org