President Joe Biden has nominated Ajay Banga, the former Chief Executive Officer of Mastercard Inc., to be the next president of the World Bank. The nomination comes as the United States pushes the international financial institution to expand its financial firepower and address global issues such as climate change and public health.
In a statement, Biden asserted that Banga is “uniquely equipped to lead the World Bank at this critical moment in history.” He has spent more than three decades in various roles at Mastercard and on boards such as the American Red Cross, Kraft Foods and Dow Inc. The role of World Bank President has been nominated to an Indian-born individual for the first time.
Biden also noted Banga’s unique perspective due to having been raised in India, saying it “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.”
Banga is currently the vice chairman of the private equity firm General Atlantic, a global growth equity investor. He previously served as president and CEO of Mastercard from 2010 to 2020, reportedly earning $27.77 million in 2020.
The U.S. has traditionally picked the head of the World Bank, while Europe selects who will lead its sister agency, the International Monetary Fund. But leaders from the developing world have been voicing their concerns about this arrangement, calling for a non-American to be selected as head of the World Bank. With Banga’s nomination, Biden has signaled his intention to focus on climate change at the international agency.
0. “US to Pick Ex-Mastercard CEO Banga as World Bank President (1)” Bloomberg Law, 23 Feb. 2023, https://news.bloomberglaw.com/banking-law/us-to-pick-ex-mastercard-ceo-banga-as-world-bank-chief-correct
1. “Biden nominates Ajay Banga to lead World Bank with focus on climate change” Washington Examiner, 23 Feb. 2023, https://www.washingtonexaminer.com/news/white-house/biden-nominates-ajay-banga-to-lead-world-bank
2. “US nominates Ajay Banga for World Bank president” The Washington Post, 23 Feb. 2023, https://www.washingtonpost.com/politics/us-nominates-ajay-banga-for-world-bank-president/2023/02/23/164c782e-b38b-11ed-94a0-512954d75716_story.html
3. “Biden nominates former Mastercard CEO as president of World Bank” Yahoo News, 23 Feb. 2023, https://news.yahoo.com/biden-nominates-former-mastercard-ceo-153732734.html
4. “Biden taps Ajay Banga, a former Mastercard CEO, to lead the World Bank” Axios, 23 Feb. 2023, https://www.axios.com/2023/02/23/biden-picks-ajay-banga-lead-world-bank
5. “Biden nominates Banga, former Mastercard CEO, 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