US President Joe Biden Thursday nominated former Mastercard CEO Ajay Banga as the head of World Bank, days after Donald Trump appointed David Malpass resigned from the position. Banga was chosen by the US government because of his vast experience in addressing issues like climate change on a global scale.
David Malpass’ five-year term was expected to end in April 2024. David Malpass’s early resignation from the 189-nation strong organisation which majorly works for poverty reduction was viewed as a chance for the USA to nominate a leader who can guide the organisation for the development of less-wealthy nations. The US government has made addressing the effects of climate change its top priority and the financial institution would work for the same purpose as the new leader takes charge.
David Malpass faced backlash for his remarks at a conference that casted doubts on the contribution of fossil fuels to global warming. He questioned the scientific justification for the use of fossil fuels and the increase in global temperature.
Who is Ajay Banga?
Ajay Banga is currently the vice chairman of General Atlantic. In addition to holding several positions at Mastercard and serving on the boards of the American Red Cross, Kraft Foods, and Dow Corp., he has more than 30 years of commercial expertise.
Importantly, he is the first Indian-born candidate to be nominated for the position of president of the World Bank. According to Joe Biden, Ajay Banga is the only person currently qualified to run the World Bank, who voiced his trust in his ability to lead. Ajay has significant expertise in combining public and private resources to address the most pressing issues, according to Biden.
Treasury Secretary Janet Yellen made a suggestion that the United States would soon name a highly competent candidate to lead the World Bank. Janet Yellen recently stated that the World Bank’s goals of ending extreme poverty and promoting shared prosperity will greatly benefit from Banga’s experience. He is qualified to pursue the adjustments required to successfully transform the organisation, Yellen said.
Q1- Where is the World Bank located?
Q2 Who is the president of the World Bank?