"Biden Nominates Ajay Banga To Lead World Bank"

"The White House is touting Banga’s experience with financial inclusion and climate change".

"The Biden administration on Thursday nominated Ajay Banga, a former Mastercard executive who is now vice chairman at the private equity firm General Atlantic, to be the next president of the World Bank.

Banga is still subject to a months-long confirmation process before the bank’s board reaches a final decision. As the bank’s largest shareholder, the United States has typically chosen its leader, although other countries could still put forward nominations of their own.

The announcement puts an end to intense speculation about who would take over the bank, which has tremendous sway over international development projects and policy worldwide. The bank’s current leader, David Malpass, has been under fire recently over his views on climate change. He announced his resignation last week."

Aaron Gregg and Steven Mufson report for the Washington Post February 23, 2023.

Source: Washington Post, 02/24/2023