On the 23rd (local time), US President Joe Biden recommended Ajay Banga (63), former CEO of Mastercard, as a candidate for the presidency of the World Bank. The president of the World Bank has always been appointed by the U.S. administration, the largest shareholder, and former CEO Banga is likely to be the next president.
President Biden said in a statement that day, “He has demonstrated his ability to create results by managing people and systems and being a partner with global leaders from around the world.” It also has a core capability to mobilize public and private resources.”
According to the New York Times (NYT), Indian-American former CEO Banga is one of the most famous Indian executives in the United States. He worked in marketing at Nestlé and the PepsiCo Group, the maker of Pepsi Cola, and moved to Citigroup in 1996 to become the Asia Pacific general manager. He led Mastercard for over 10 years from 2010 to 2021, more than tripling operating profit. He currently serves as Vice Chairman of General Atlantic, a private equity firm.
The World Bank was established after World War II to help finance the reconstruction of countries. The next World Bank president will be decided in May this year after a month-long candidate verification spell. Reappointment is possible for a period of 5 years. Current World Bank President David Malpass, who has about a year left in his term, announced on the 15th of this month that he would only serve until the end of June and resign early. Appointed in 2019 during the Donald Trump administration, he has been under pressure from the Biden administration to resign while virtually denying the impact of fossil fuels on climate change.
There is also criticism that President Biden has again nominated a male candidate in a situation where there has never been a female president in the 78-year history of the World Bank. The World Bank board of directors made a statement that day, “We strongly recommend recommending a female candidate,” but President Biden recommended a male candidate in just a few hours.
Source: Donga
Mark Jones is a world traveler and journalist for News Rebeat. With a curious mind and a love of adventure, Mark brings a unique perspective to the latest global events and provides in-depth and thought-provoking coverage of the world at large.