MercoPress. South Atlantic News Agency

Biden picks Indian-American candidate to chair World Bank

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

Former Mastercard CEO Ajay Banga has been picked by US President Joseph Biden to vie for chairman of the World Bank (WB), it was announced Thursday in Washington DC. Banga, 63, who was born and raised in India, has the indispensable experience to mobilize public and private resources to address the most urgent challenges of our time, including global warming, the White House explained through a statement.

The World Bank board is expected to select its next president in May. Last week, current World Bank President David Malpass, appointed by Donald Trump in 2019, said he would step down nearly a year earlier than planned, amid controversies regarding his stance on climate. The United States is the World Bank's largest shareholder.

Banga, currently a vice president at General Atlantic, “has a unique perspective on the opportunities and challenges facing developing countries and how the World Bank can carry out its agenda to reduce poverty and expand prosperity,” the White House's document read. His appointment comes amid a push for development lenders to revamp themselves and address global problems such as environmental issues more effectively.

“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.”

“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,” Vice President Kamala Harris said based on her work experience with the candidate in projects concerning Northern Central America.

“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,” Harris pointed out 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.”