Biden nominates Ajay Banga to lead World Bank

By Ovunc Kutlu

ISTANBUL (AA) - US President Joe Biden nominated Ajay Banga to lead the World Bank, the White House said Thursday.

Banga, 63, is "a business leader with extensive experience" leading organizations in developing countries and forging public-private partnerships to address financial inclusion and climate change, it said.

Currently serving as vice chairman at growth equity firm General Atlantic since the beginning of 2023, Banga was appointed CEO of Mastercard in July 2010 and held that position until 2021.

“Ajay is uniquely equipped to lead the World Bank at this critical moment in history," said Biden. "He has spent more than three decades building and managing successful, global companies that create jobs and bring investment to developing economies, and guiding organizations through periods of fundamental change.

"He has a proven track record managing people and systems, and partnering with global leaders around the world to deliver results. He also has critical experience mobilizing public-private resources to tackle the most urgent challenges of our time, including climate change," he added.

Being elected chairman of the International Chamber of Commerce, Banga held various roles at PepsiCo and Nestle.

Born and raised in India, Banga was appointed in February 2015 by then-US President Barack Obama to serve as a member of his Advisory Committee for Trade Policy and Negotiations.

If elected, Banga would replace David Malpass, who is stepping down with one year left at the helm, after serving four years of his five-year term.