US nominates Pune-born Ajay Banga to lead World Bank

President Joe Biden on Thursday announced that the United States is nominating Ajay Banga to lead the World Bank, saying the Indian-American business leader is uniquely equipped to lead the global institution at “this critical moment in history.”

The General Electric vice-chairman is best known for his stint as the president and CEO of Mastercard.

At the World Bank, he will replace David Malpass, a former Trump treasury official, reports have said. Malpass had already announced that he would resign by July, months ahead of his term expiring.

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Banga, 63, is the son of an Indian Army officer and was raised in Pune. He became a US citizen in 2007 and was awarded the Padma Shri in 2016.

“Ajay is uniquely equipped to lead the World Bank at this critical moment in history,” President Biden said in a statement.

“He has spent more than three decades building and managing successful, global companies that create jobs and bring investment to developing economies, and guiding organisations through periods of fundamental change.

“He has a proven track record managing people and systems, and partnering with global leaders around the world to deliver results,” Biden said.

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US treasury secretary Janet Yellen concurred.

In a statement endorsing Banga, she said, “As a renowned executive, Mr Banga has led a global organization with nearly 20,000 employees, advocated for diversity and inclusion, and delivered results. His efforts have helped bring 500 million unbanked people into the digital economy, deploy private capital into climate solutions, and expand economic opportunity through the Partnership for Central America.”

By tradition, the United States gets to nominate the head of the World Bank and European members reserve the right to pick the head of the International Monetary Fund.

(With Agency inputs)