Hue and cry inc4/30/2023 ![]() ![]() Treasury Secretary Janet Yellen said Banga’s experience at Mastercard and his work to deploy private capital into climate solutions would help him achieve the World Bank’s dual objectives of eliminating extreme poverty and expanding shared prosperity. Vice President Kamala Harris to mobilize public, private and non-profit resources for Northern Central America. He also serves as co-chair of the Partnership for Central America, where he worked closely with U.S. He retired in December 2021 after 12 years at the helm of Mastercard Inc (MA.N), where he set a target of bringing 1 billion people and 50 million micro- and small businesses into the digital economy by 2025. citizen, Banga currently serves as vice chair of General Atlantic, a U.S. administration official said they did not know if other countries would nominate candidates for the post. Germany, another major shareholder, this week said the job should go to a woman since the bank has never been headed by a woman in its 77-year history.Ī U.S. The bank has historically been headed by someone from the United States, its largest shareholder, while a European heads the International Monetary Fund (IMF), but developing countries and emerging markets have pushed to widen those choices.īanga’s nomination is the first to be made public, but the bank will accept nominations from other member countries through March 29. “He has spent more than three decades building and managing successful, global companies that create jobs and bring investment to developing economies, and guiding organizations through periods of fundamental change.”īiden also singled out Banga’s experience mobilizing public-private resources to tackle urgent challenges such as climate change at a range of organizations. “Ajay is uniquely equipped to lead the World Bank at this critical moment in history,” Biden said in a statement. Banga’s nomination by the United States all but assures he will assume a job that oversees billions of dollars of funding as the institution embarks on a major series of reforms to better respond to climate change and other pressing challenges facing developing countries. The World Bank on Wednesday said it expects to select a new president by early May to replace David Malpass, who announced his resignation last week. President Joe Biden on Thursday nominated Indian-American business executive Ajay Banga to become president of the World Bank, lauding his experience forging public-private partnerships to address financial inclusion and climate change. ![]()
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