Renew: 23/02/2023 18:04
Issued by: 23/02/2023, 18:04
Washington – The nominee for president of the United States World Bank is Indian-American businessman Ajay Banga (63), the former head of MasterCard. Bang was nominated today by US President Joe Biden. SB is looking for a new boss as current president David Malpass announced mid-month that he had decided to step down at the end of June.
SB expects to elect a new president in early May. Banga’s nominations are the first to be announced so far. The SB will accept nominations from other member countries until March 29. Germany, which is the bank’s main shareholder, said this week a woman should be given the post because in the institution’s 77-year history, a woman has never held the position.
However, Banga is expected to get the job. The United States has the largest voting rights and it is traditional for the SB to be led by Americans, while its sister International Monetary Fund (IMF) is led by European representatives.
The World Bank is now embarking on a series of major reforms to better respond to climate change and other urgent challenges developing countries are facing. Biden highlighted Banga’s experience in connecting public and private resources to tackle pressing issues like climate change. He also says he grew up in India, which gives him a unique perspective on how the bank can fulfill its twin goals of reducing poverty and expanding prosperity.
Banga grew up in India but now holds American citizenship. He is currently co-chairman of the American private investment firm General Atlantic and serves as honorary chairman of the International Chamber of Commerce. He served as head of MasterCard for 12 years before deciding to retire in December 2021.
The 66-year-old Malpass became head of the SB in April 2019, and his five-year mandate ends next year. He was nominated for the position by then US President Donald Trump. Malpass did not provide a more specific justification for his early departure from the position. However, the media pointed out that he was criticized for his statements on climate change.
SB was originally founded to help countries affected by the Second World War. Currently, its main role is to reduce poverty through loans to the government or private entities in developing and middle-income countries. Apart from money, it also provides technical assistance and advisory services. Banks are owned by member countries, the shares are in accordance with the country’s economic strength.
“Tv nerd. Passionate food specialist. Travel practitioner. Web guru. Hardcore zombieaholic. Unapologetic music fanatic.”
