US puts forward Ajay Banga to lead World Bank

• Posted on February 23, 2023February 23, 2023
• by Nana Kwesi Coomson
• Comment

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

The move comes as the US calls for reforms at the bank, including more action to address climate change.

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

US officials said Mr Banga had the experience to help the bank work with the private sector towards its goals.

It is up to the bank’s board to officially appoint its next head.

On Wednesday, the bank said it planned to interview a shortlist of up to three candidates and aimed to name a new leader by early May. 

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

Mr Banga retired from Mastercard in 2021. He is currently a vice chairman at private equity firm General Atlantic. 

In a statement, Treasury Secretary Janet Yellen said she wanted to see the World Bank serve as a “force multiplier for good by setting the right agenda and catalyzing action from across the spectrum”.

She said Mr Banga was “uniquely” equipped to take on that charge, pointing to his track record forging partnerships between governments, companies and non-profits.

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

He had been criticised by environmental advocates for being slow to direct the bank’s resources to address climate change. 

-BBC