U.S. Nominates Ajay Banga To Head World Bank

The United States is nominating former Mastercard CEO Ajay Banga to lead the World Bank (WB), President Joe Biden announced, crediting him with critical experience on global challenges including climate change, Fatima Hussein and Paul Wiseman reported for the Associated Press (AP).

Photo Insert: Biden's nomination of Banga all but assures he will assume a job that oversees billions of dollars of funding, as it races to help developing countries address climate change.

The news comes days after Trump appointee David Malpass announced plans to step down in June from his role leading the 189-nation poverty reduction agency. His five-year term was due to expire in April 2024.

Malpass ran into criticism last year for seeming, in comments at a conference, to cast doubt on the science that says the burning of fossil fuels causes global warming.

He later apologized and said he had misspoken, noting that the bank routinely relies on climate science, Ellen Knickmeyer also reported for AP.

US President Joe Biden nominated former Mastercard Inc. Ajay Banga to lead WB, betting the India-born executive's ties to the private sector and emerging markets will jump-start the 77-year-old institution's overhaul to better address climate change.

Biden's nomination on Thursday of Banga, 63, now a US citizen, all but assures he will assume a job that oversees billions of dollars of funding, as it races to help developing countries address climate change, Andrea Shalal, Valerie Volcovici and David Lawder also reported for Reuters.

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