Former Mastercard CEO Ajay Banga has been confirmed as the new president of the World Bank.
As the World Bank’s biggest shareholder, the U.S. has traditionally coordinated the selection of the institution’s leader. Banga replaces Trump-era World Bank President David Malpass, who stepped down in February following criticism of his remarks that questioned the severity of climate change. President Biden nominated Banga, praising him for his “critical experience mobilizing public-private resources to tackle the most urgent challenges of our time, including climate change.” He will begin his new five-year term on June 2 and is the first Indian-American to hold the presidency.
Banga was chief executive at Purchase-headquartered Mastercard from 2010 to 2020 and is vice chairman at General Atlantic, a global growth equity investor, and also serves as an advisor to General Atlantic”™s climate-focused fund BeyondNetZero. He is the honorary chairman of the International Chamber of Commerce and is a co-founder of The Cyber Readiness Institute.
