File image of Ajay Banga. ANI
President Joe Biden on Thursday said that US is nominating former Mastercard Chief Executive Ajay Banga to lead the World Bank, after its current chief David Malpass announced plans to step down early.
The development lender has just started accepting candidate nominations in a process set to run until 29 March.
Who is Ajay Banga?
63-year-old Banga is an Indian-American. He currently serves as the vice chairman at equity firm General Atlantic. He served also served as Mastercard’s executive chairman, after having previously served as the company’s CEO.
Banga has “critical experience mobilising public-private resources to tackle the most urgent challenges of our time, including climate change,” Biden said in a statement.
Banga was born in Khadki cantonment, Pune. His father served in the Indian Army. Banga graduated in Economics from St Stephen’s College, Delhi and went on to receive an MBA degree from the Indian Institute of Management, Ahmedabad.
He was conferred with India’s fourth highest civilian honour Padma Shri in 2016.
His nomination comes amid a push for development lenders to revamp and address global problems like environmental issues more effectively.
US Treasury Secretary Janet Yellen earlier said that lenders’ core models, where countries borrow to make specific investments addressing developmental constraints, are “insufficient to meet the moment.”
The United States is the World Bank’s largest shareholder.
World Bank chief to step down early
Last week current World Bank President Malpass — who was nominated to the post by Biden’s predecessor Donald Trump in 2019 — said he would step down nearly a year early, ending a tenure that was clouded by questions over his climate stance.
His term would originally have ended in 2024.
With inputs from agencies
Read all the Latest News, Trending News, Cricket News, Bollywood News,India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.