US nominates former Mastercard CEO Ajay Banga to head World Bank

The news comes days after Trump appointee David Malpass announced plans in June to step down from his role leading the 189-country poverty reduction agency. His five-year term was to end in April 2024.

Addressing the impacts of climate change at the multilateral bank is a priority for the US and leading climate figures have urged the Biden administration to use Malpass’ early departure to overhaul the powerful financial institution, which has been hostile to less has been criticized as Rich nations and efforts to address climate change.

In remarks at a conference, Malpass ran into criticism last year for casting doubt on the science that says the burning of fossil fuels causes global warming. He later apologized and said he said the wrong thing, noting that the bank regularly relies on climate science.

Banga, currently the vice chairman of private equity firm General Atlantic, has more than 30 years of business experience, having served in various roles on the boards of MasterCard and the American Red Cross, Kraft Foods and Dow Inc. He is the first person born in India. Nominee for the role of World Bank President.

“Ajay is uniquely equipped to lead the World Bank at this important moment in history,” Biden said in a statement. ,

Treasury Secretary Janet Yellen said in a statement that Banga’s experience “will help achieve the World Bank’s objectives of alleviating extreme poverty and expanding shared prosperity while pursuing the changes necessary for the institution to grow effectively.” will,” which includes “meeting ambitious targets for climate adaptation.” emissions reduction.

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