President Biden nominated Sikh American business leader Ajay Banga to be president of the international financial institution World Bank.
Banga is the former president and CEO of Mastercard and currently serves as vice chairman at General Atlantic, according to the White House. Banga was also a member of several international economic commissions and presidential committees, such as the Advisory Committee for Trade Policy and Negotiations.
The World Bank provides loans and grants to the governments of developing countries to fund capital and development projects.
Banga’s nomination follows last week’s announcement of the resignation of the World Bank’s current leader, David Malpass, over statements that were skeptical of climate change, Forbes reported.
Biden commended the India native and honorary chairman of the International Chamber of Commerce for his three decades of work in the financial sector, stating that Banga is “uniquely equipped” to bring investment to economies and guide organizations such as the World Bank.
“Raised in India, Ajay has a unique perspective 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,” Biden stated.
Biden also emphasized Banga’s experience in utilizing public-private resources to mitigate challenges such as climate change. The Biden administration aims to shift the focus of the World Bank onto global efforts to combat climate change, USA Today reported.
“Ajay Banga understands that those core objectives are deeply intertwined with challenges like meeting ambitious goals for climate adaptation and emissions reduction, preparing for and preventing future pandemics, and mitigating the root causes and consequences of conflict and fragility,” U.S. Secretary of the Treasury Janet Yellen said in a release.
Banga will need to be confirmed by the World Bank’s board prior to his tenure as president.
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