Former Mastercard CEO Ajay Banga Nominated by US President to Lead World Bank

US President Joe Biden has nominated former Mastercard CEO Ajay Banga to serve as the next president of the World Bank. If confirmed by the bank’s board of directors, Banga would succeed current president David Malpass, whose term ends later this year.

Banga, who served as Mastercard’s CEO from 2010 to 2020, has extensive experience in the financial services sector and is known for his expertise in digital payments and financial inclusion. He currently serves as a member of the board of directors for the Dow Chemical Company and the Council on Foreign Relations.

In a statement announcing the nomination, the White House praised Banga’s leadership and vision, saying he has “championed financial inclusion, advocated for the importance of data privacy, and worked to create a more sustainable and equitable global economy.”

The World Bank, which is based in Washington, D.C., is a global financial institution that provides loans and other forms of assistance to countries in need. Its mission is to reduce poverty and promote sustainable economic growth around the world.

Banga’s nomination has been met with praise from members of the financial community, who see his experience and leadership skills as assets to the World Bank. If confirmed, he would become the first person of Indian descent to lead the organization.

The nomination is subject to approval by the World Bank’s board of directors, which is expect to consider the matter in the coming weeks. If confirmed, Banga would assume his new role in the fall.

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