The US nominates the ex-head of Mastercard for the post of president of the World Bank
US President Joe Biden has nominated former Mastercard CEO Ajay Bangu as the head of the World Bank, betting that the Indian native's experience with the private sector and emerging markets will accelerate the overhaul of the organization.
"Ajay has unique abilities to lead the World Bank at this critical moment. He has spent more than three decades creating and managing successful global companies that create jobs and bring investment to developing economies," Biden said, stressing that Banga has experience in mobilizing public—private resources to solve pressing problems, including climate change.
Ajay Banga left the post of CEO of Mastercard in 2021 after ten years of work. Under his leadership, the company achieved a 13-fold increase in the value of market capitalization.
The current president of the World Bank, David Malpass, announced his decision to leave the post in the coming months, a year before the expiration of his term of office. He was appointed by former US President Donald Trump.
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