President Biden nominates General Atlantic's Ajay Banga to lead World Bank

Feb. 23 (UPI) -- President Joe Biden announced the nomination of General Atlantic Vice Chairman and former Mastercard CEO Ajay Banga for president of the World Bank on Thursday.

The World Bank board is expected to select its next president in May following the announcement last week that David Malpass plans to step down from the role by June 30. Malpass has served as president since 2019.

In a statement Biden said Banga's upbringing, having been raised in India, and his wealth of business experiences make him a good candidate to steer the board during a globally difficult economic time.

"Ajay is uniquely equipped to lead the World Bank at this critical moment in history," Biden said in a statement. "He has a proven track record managing people and systems, and partnering with global leaders around the world to deliver results."

Banga formerly served on the board for Kraft Inc., Dow Inc., the Red Cross and Weill Cornell Medicine. Currently he serves as honorary chairman of the International Chamber of Commerce, chairman of Dutch holding company Exor, board member for Temasek and co-chair of the Partnership of Central America.

Vice President Kamala Harris said in a statement that she has worked closely with Banga to generate $4.2 billion in investments to create opportunities for people in Northern Central America as a way to answer heavy migration.

"Ajay Banga will be a transformative World Bank President as the institution works to deliver on its core development goals and address pressing global challenges, including climate change," Harris said.

U.S. Secretary of the Treasury Department Janet Yellen also applauded the nomination.

"While the World Bank will continue to play a key role in improving the lives of people around the globe, it can't do it alone," she said in a statement. "Mr. Banga's track record of forging partnerships between the public sector, private sector, and non-profits uniquely equips him to help mobilize the private capital and press for the reforms needed to meet our shared ambitions."