Joe Biden, the President of the United States, has nominated Ajay Banga, the former CEO of Mastercard, to lead the World Bank. The current chief, David Malpass, had announced plans to step down early, and the World Bank has just started accepting nominations for the next president until March 29. The World Bank has announced that it will strongly encourage women candidates to apply.
It is customary for the President of the World Bank to be American, while the head of the International Monetary Fund is European. Ajay Banga, who is Indian-American and currently serving as the vice chairman at equity firm General Atlantic, has been chosen for his critical experience in mobilizing public-private resources to tackle global challenges, such as climate change.
This nomination comes as there is a push for development lenders to revamp and more effectively address global problems, particularly environmental issues. US Treasury Secretary Janet Yellen has previously stated that lenders’ core models are “insufficient to meet the moment.” The United States is the largest shareholder of the World Bank, making this nomination a significant move.
The World Bank opened its doors on June 25, 1946, nearly 2 years after its Articles of Agreement had been drafted at the Bretton Woods conference in New Hampshire.
(Image source: Wikipedia)
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