Biden Nominates Ajay Banga to Lead World Bank
President Joe Biden has announced his nomination of Ajay Banga, the former president and CEO of Mastercard, to lead the World Bank.[0] The nomination comes just over a week after current World Bank President David Malpass announced his resignation, citing his comments about climate change.[1]
Biden praised Banga’s qualifications, saying he is “uniquely equipped to lead the World Bank at this critical moment in history” and has a “proven track record managing people and systems, and partnering with global leaders around the world to deliver results.”[2] The 63-year-old Indian-American currently serves as the vice chairman at equity firm General Atlantic and previously served as Mastercard’s executive chairman.[3]
U.S. Treasury Secretary Janet Yellen also praised the decision to name Banga, saying he has the “right leadership and management skills, experience living and working in emerging markets, and financial expertise to lead the World Bank at a critical moment in its history, deliver on its core development goals, and evolve the Bank to meet global challenges like climate change.”[2]
The nomination comes at a pivotal time for the World Bank, as critics have called for an end to the US’s traditional practice of appointing its leader, and for more voices from the developing world to be included. The US is the largest shareholder in the World Bank, and traditionally Europe has been allowed to choose the head of the International Monetary Fund.[4]
Banga’s selection has been praised by supporters who said his Wall Street experience and his native Indian perspective bring a different viewpoint to the institution.[5] However, some progressives have called for another leader to replace Malpass, one who is committed to transforming the World Bank into an institution that can work for people and the planet.
The World Bank needs a leader “who will prioritize the urgency of the climate crisis, not another big business executive,” said Collin Rees, US program co-manager at Oil Change International.[6]
Malpass, who was nominated by former US President Donald Trump in 2019, recently told CNN’s Julia Chatterley that he had “no regrets” over his four-year tenure.[2]
0. “Biden nominates former MasterCard exec Ajay Banga to lead World Bank” CNN, 23 Feb. 2023, https://www.cnn.com/2023/02/23/business/world-bank-president-ajay-banga/index.html
1. “Biden Nominates New World Bank Chief After David Malpass Steps Down” Forbes, 23 Feb. 2023, https://www.forbes.com/sites/brianbushard/2023/02/23/biden-nominates-new-world-bank-chief-after-david-malpass-steps-down
2. “Biden nominates former MasterCard executive to lead World Bank” WTAE Pittsburgh, 23 Feb. 2023, https://www.wtae.com/article/ajay-banga-world-bank-leader-nomination/43047694
3. “Who is Ajay Banga, the ex-Mastercard CEO nominated by Biden to lead World Bank?” Firstpost, 23 Feb. 2023, https://www.firstpost.com/world/who-is-ajay-banga-the-ex-mastercard-ceo-nominated-by-biden-to-lead-world-bank-12199602.html
4. “Biden taps former Mastercard CEO Banga to head World Bank” POLITICO, 23 Feb. 2023, https://www.politico.com/news/2023/02/23/biden-nominates-banga-former-mastercard-ceo-to-head-world-bank-00084137
5. “Activists Blast Biden's Pick of a Wall Street Insider for World Bank President” Yahoo! Voices, 23 Feb. 2023, https://www.yahoo.com/news/activists-blast-biden-pick-wall-181702060.html
6. “Activists Blast Biden Pick of Finance Executive for World Bank” Bloomberg Law, 23 Feb. 2023, https://news.bloomberglaw.com/banking-law/activists-blast-biden-pick-of-finance-executive-for-world-bank
