US President Joe Biden Nominates Indian-American Ajay Banga for World Bank President

As World Bank President David Malpass declared his plan to step down early, US President Joe Biden announced on Thursday that Washington is selecting former Mastercard CEO Ajay Banga to take over the organization.

The development lender has just begun accepting nominations for candidates; the nomination period is scheduled to last until March 29. The bank stated that it would "strongly" encourage women candidates.

While the head of the International Monetary Fund is normally European, the president of the World Bank is typically American.

Banga, an Indian-American who is currently vice chairman of the equity firm General Atlantic, is 63 years old.

Before it, he served as Mastercard's CEO.

According to a statement from Biden, Banga has "critical experience combining public-private resources to solve the most serious challenges of our day, including climate change."

His selection coincides with demands for development lenders to revamp and more effectively tackle global issues like environmental ones.

Janet Yellen, the US Treasury Secretary, previously stated that the fundamental lending models, in which nations borrow to undertake specific investments addressing developmental challenges, are "insufficient to meet the moment."

The United States is World Bank's largest shareholder.