According to a report published in NDTV, The President of the US on Thursday informed that Washington has nominated Ajay Banga who happened to be the former Chief Executive of Mastercard for leading the World Bank. It decision has been taken after David Malpass who happens to be the current chief announced about stepping down early.
The lender of the development has begun to accept nominations of the candidates in a process that shall run till the 29th of March. Officials from the World Bank have also informed that they would also strongly encourage the nominations of women candidates as well.
According to the rules, the person who becomes the President of the World Bank has to be an American while the person who becomes the International Monetary Fund’s leader is a European according to the custom. Ajay Banga who is currently sixty-three years of age happens to be an Indian-American. Currently, he is working as the Vice Chairman of the equity firm called General Atlantic. Previously, he had worked as the CEO at Mastercard.
In a statement to the reporters, Biden said that Banga has immense critical experience in mobilizing private and public resources for tackling the immensely challenging situations of these times. He has even handled issues about climate change too.
During the previous week, Malpass, the present President of the World Bank who was nominated by Donald Trump in 2019 informed that he has decided for an early stepdown. Sill about a year remains for his tenure to get over. He decided after questions were raised about his stance on climate change. His term in office would have ended in 2024.
Banga has been nominated during a phase when there is a push for the development lenders for addressing global issues like environmental problems more effectively and revamping. Janet Yellen, who happens to be the Secretary to the US Treasury has told earlier that the core models of the lenders and the scope for other counties in borrowing specific investments are currently facing developmental constraints. It cannot be met currently. The United States happens to be the largest shareholder of the World Bank.
A senior official from the US administration has informed the reporters that both in Mastercard and General Atlantic, a combating climate change had been made by Ajay. He has also mobilized private capital to make the green transition gain both priority and power. These are the priorities and the experiences that shall drive and guide him in the coming years at the World Bank.
In another statement, Yellen shared that she applauds the decision of President Biden. She says that Banga has the perfect management skills and leadership that he has gained while working in emerging markets. He also has the financial expertise which is required for leading the World Bank during such critical times.
Another US official has also informed that Banga was born in India and had spent the beginning of his career in India’s emerging markets. He possesses an excellent track record and conviction for bringing diversity to his work.