Ajay Banga is proposed by the US to lead the World Bank

Mr. Ajay Banga

In response to the World Bank's current leader's early resignation, US President Joe Biden has proposed Indian-American businessman Ajay Banga as his replacement.

The action is being taken as the US calls for bank reforms, including more action to combat climate change.

Mr. Banga, who was raised in India, oversaw Mastercard for more than ten years.

According to US officials, Mr. Banga had the expertise to support the bank's goals by collaborating with the private sector.

The board of the bank will officially name its new leader.

The bank announced on Wednesday that it intended to interview a shortlist of up to three candidates and that it hoped to name a new leader by the beginning of May.

The World Bank, which lends billions of dollars to nations annually, has historically had its leader chosen by the US, the organization's largest shareholder.

In 2021, Mr. Banga left Mastercard. He is currently the vice chairman of General Atlantic, a private equity firm.

The World Bank should be a "force multiplier for good by setting the right agenda and catalyzing action from across the spectrum," Treasury Secretary Janet Yellen stated in a statement.

She cited Mr. Banga's experience establishing alliances between organizations, businesses, and governments as evidence that he was "uniquely" qualified to handle that responsibility.

Former US President Donald Trump's nominee David Malpass announced his intention to leave the organization earlier this month.

Environmentalists had criticized him for taking too long to allocate funds from the bank to combating climate change.

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