Biden nominates former MasterCard CEO to head World Bank
US President Joe Biden has nominated Ajay Banga, the former CEO of credit card giant MasterCard, as the new president of the World Bank. Last week, current World Bank President David Malpass unexpectedly announced his resignation.
“Banga has built and operated successful global job-creating companies for more than three decades. He has driven investments in emerging economies and guided companies through times of fundamental change,” Biden said in a statement Thursday.
Banka, 63, is currently the vice chairman of US investment firm General Atlantic LP. Prior to that, he was the CEO of MasterCard for ten years. He has also held various positions in banking group Citigroup.
Final selection of candidates is not expected until early May. Although other countries may also nominate a director, the United States traditionally decides who leads the World Bank. Largest partner country.
Malpass was appointed by former US President Donald Trump at the time. He will step down at the end of June after more than four years at the helm of the world’s largest agency for development cooperation. It is not known why he is leaving before the end of his five-year term. Malpass wants to “take on new challenges”, the bank announced last week.
Last fall, he came under fire from the White House after refusing to say he supported the scientific consensus on climate change. He later apologized for this.
The World Bank lends to developing and middle-income countries with the main objective of fighting poverty. The loans are used, among others, for reforms and infrastructure projects in the countries’ health and education sectors. The World Bank provided more than $104 billion to projects around the world last year, according to the bank’s annual report.
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