Ex-Mastercard CEO is proposed by Biden to head the World Bank

(ahram) ⸻ The World Bank has just started accepting candidate nominations in a process set to run until March 29. The president of the World Bank is typically American, while the leader of the International Monetary Fund is customarily European. Ajay Banga, 63, is Indian-American and currently serving as vice chairman at equity firm General Atlantic. He was previously chief executive at Mastercard and has also served on the boards of the American Red Cross, Kraft Foods and Dow Inc.Last week, current World Bank President David Malpass said he would step down nearly a year early, ending a tenure that has been clouded by questions over his climate stance. Malpass, who was appointed to the post in 2019 when Donald Trump was president, would originally have ended his term in 2024.Banga's nomination comes amid a push for development lenders to revamp and address global problems like environmental issues more effectively. US Treasury Secretary Janet Yellen earlier said that lenders' core models, where countries borrow to make specific investments addressing developmental constraints, is "insufficient to meet the moment." Any of the bank's 189 members can nominate a candidate, though in 2019, Malpass was the lone nominee to take over the helm of the institution.Green transitionSpeaking to reporters, a senior US administration official said that Boganga has made combating climate change and mobilizing private capital to help power the green transition a priority. Yellen applauded Biden's decision, saying that he has the right leadership and management skills, experience living and working in emerging markets, and financial expertise to lead the World Bank at a critical moment in its history. The World Bank has been led by men since its founding in the aftermath of World War II, with heightened tensions and major development challenges. To balance the developed and emerging worlds, a successful reform would require balance between technical and political skills. The World Bank has encouraged women candidates, and Banga has a "personal conviction and excellent track record" in promoting diversity in his work.