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President Joe Biden has tapped a new head of the World Bank after the bank’s current leader, David Malpass, announced his resignation last week amid criticism over statements he made skeptical of climate change.
Ajay Banga, former president and CEO of Mastercard and current vice chairman of the private equity firm General Atlantic, is Biden’s nomination as the next president of the World Bank.
Biden, in a statement Thursday, called Banga – a native of India and former chairman of the International Chamber of commerce – “uniquely equipped » to lead the World Bank, a global development institution that provides grants and loans to low-income countries to reduce poverty and spur development.
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Biden touted Banga’s work leading global companies that brought investment to developing economies and his record of enlisting the public and private sectors to « tackle the most urgent challenges of our time, including climate change.
