Benga (Bloomberg photo)
The President of the United States, Joe Biden, announced that Ajay Benga, former CEO of the credit card company Mastercard, is standing for the position of president of the World Bank. Benga currently serves as the vice chairman of the investment company General Atlantic.
Benga “has dedicated more than three decades to building and managing successful global companies that create jobs and bring investment to developing economies, and has led organizations through times of fundamental change,” the White House said in a statement released Thursday.
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“As a native of India, Ajay has a unique perspective on the opportunities and challenges of developing countries and how the World Bank can advance its ambitious agenda to reduce poverty and increase prosperity.”
The White House additionally emphasized Benga’s “extensive experience” “in creating partnerships to address climate change and financial inclusion.”
Among the other names that emerged as potential candidates for the position were Samantha Power, head of the US Agency for International Development; and Ngozi Okonjo-Iweala, head of the World Trade Organization (WTO).
Benga will replace previous president David Melps, who announced last week that he is retiring after four years in the job.
Although Malfes has been praised by the World Bank and government officials for his handling of the global challenges posed by Russia’s invasion of Ukraine and the coronavirus pandemic, his tenure has been divisive due to his stance on the climate crisis. During a panel last September, Melps refused to admit whether he accepts the scientific consensus that burning fossil fuels is dangerously warming the planet.
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