Biden administration nominates Ajay Banga to lead World Bank

Photo of author

By Amit


The Biden administration has nominated Ajay Banga, a former Mastercard executive now serving as vice chairman at the private equity firm General Atlantic, to become the next president of the World Bank.

Banga is still subject to a months-long confirmation process before the bank’s board reaches its final decision.

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.

World Bank head denies climate controversy spurred resignation

In a statement, Biden highlighted Banga’s experience forging partnerships to address financial inclusion and climate change.

“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,” Biden said. “He also has critical experience mobilizing public-private resources to tackle the most urgent challenges of our time, including climate change.”

Malpass had drawn criticism for an alleged lack of focus on the bank’s climate mission.

In September, when asked at a New York Times event if he accepted the idea that burning fossil fuels caused global temperatures to rise, he equivocated, saying, “I’m not a scientist.” He told The Washington Post he was “leaving on his own terms” despite the controversy.

Pointing to his upbringing in India and his work in the global South, administration officials emphasized Banga’s long experience mobilizing capital while ensuring that related projects do not boost emissions.

The decision may disappoint some who had hoped the bank would have a female leader for the first time in its history. Asked about the decision to appoint a man, an administration official said Banga has a clear record of bringing “gender equality and inclusion” to his work.

Jeff Stein contributed reporting.

This is a developing story and will be updated.

Source link

Leave a Comment