President Joe Biden on Thursday announced that the US is nominating Ajay Banga to lead the World Bank, saying the Indian-American business leader is uniquely equipped to lead the global institution at “this critical moment in history.” If confirmed by the World Bank Board of Directors, Banga would be the first-ever Indian-American and Sikh-American to head either of the two top international financial institutions: International Monetary Fund and the World Bank.
Banga, 63, currently serves as Vice Chairman at General Atlantic. Previously, he was President and CEO of Mastercard, leading the company through a strategic, technological and cultural transformation. He was awarded the Padma Shri in 2016.
“Ajay is uniquely equipped to lead the World Bank at this critical moment in history,” President Biden said in a statement.