Biden nominates former MasterCard chief Banga to head World Bank

President Joe Biden has nominated Indian-American business executive Ajay Banga to become the next president of the World Bank. Banga’s nomination is a major step towards diversifying the World Bank’s leadership and bringing together public and private resources to tackle urgent challenges such as climate change. Biden praised Banga’s experience in forging public-private partnerships and his background growing up in India, which gives him a unique perspective on how the bank can reduce poverty and expand prosperity. His nomination is the first to be made public, but other countries have until March 29 to submit their own nominees. Banga is vice chair of General Atlantic and retired in 2021 after 12 years at the helm of Mastercard Inc. He has worked closely with Vice President Kamala Harris and has set a target to bring 1 billion people and 50 million micro- and small businesses into the digital economy by 2025. Treasury Secretary Janet Yellen said Banga’s experience would help the bank mobilize private capital and press for the reforms needed to meet their shared ambitions.

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