The president of the United States, Joe Biden, announced this Thursday that his country will nominate Ajay Banga, an American businessman of Indian origin who is currently vice president of General Atlantic and was previously president and CEO of Mastercard, as the next president of the World Bank.
Ajay Banga’s nomination comes just a week after the current president of the World Bank, David Malpass, announced his intention to leave office before the end of the fiscal year on June 30, after having led the institution for more than four years.
“Ajay is uniquely prepared to lead the World Bank at this critical moment in history,” said the President of the United States when announcing the nomination of Ajay Banga.
“He has spent more than three decades building and running successful global companies that create jobs and attract investment to developing economies, and guide organizations through periods of fundamental change,” Biden added.
He also stressed that Banga, 63, has critical experience in mobilizing public and private resources to address today’s most urgent challenges, including climate change.
“Raised in India, Ajay has a unique perspective on the opportunities and challenges facing developing countries and how the World Bank can deliver on its ambitious agenda to reduce poverty and expand prosperity,” he added.
With the nomination of Ajay Banja, a United States citizen, although born in India, the White House maintains the tacit agreement between the United States and the Western European powers by which they share the presidency of the World Bank and the IMF since the creation of both institutions in 1944 at the international conference of Bretton Woods, (United States).