President Biden has nominated Ajay Banga, the former CEO and president of Mastercard, to take on the role of president of the World Bank. This appointment comes as Banga prepares to succeed David Malpass, who is stepping down from the position early amid concerns regarding his opinions on climate change.
Banga, who was born in India and is a naturalized U.S. citizen, led Mastercard for a decade before transitioning to an executive chairman role at the company in early 2021. The White House highlighted his leadership in guiding Mastercard through significant strategic, technological, and cultural transformations.
In his announcement, President Biden emphasized Banga’s extensive experience in mobilizing public and private resources to address pressing global challenges, particularly climate change. Treasury Secretary Janet Yellen also acknowledged Banga’s impactful initiatives, noting his contributions to integrating 500 million unbanked individuals into the digital economy.
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