Ajay Banga Nominated by US President Biden for World Bank President Role, Bringing Expertise in Global Challenges and Financial Inclusion

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Former Mastercard CEO Ajay Banga has been nominated by US President Joe Biden to become the next World Bank president, succeeding Donald Trump appointee David Malpass, who will step down in June. Malpass's early departure has been seen as an opportunity for the US to select a leader who can guide the organization to benefit less-wealthy nations. Banga is known for his expertise in handling global challenges such as climate change, which is a top priority for the US government. 

 

He has more than 30 years of business experience, including leading Mastercard for 12 years, where he helped 500 million unbanked people join the digital economy, averted layoffs during the Covid-19 pandemic, and led work on climate, gender, and sustainable agriculture. Banga is the first Indian-born nominee for the World Bank president role, and his work in India and other emerging markets, his focus on expanding financial inclusion, and his deep knowledge of new technologies could help bridge the divide between rich countries and emerging markets.