Former Mastercard CEO Ajay Banga, an Indian army officer’s son with decades of corporate experience, was confirmed Wednesday to lead the World Bank for a five-year term that starts next month.
, an Indian army officer’s son with decades of corporate experience, was confirmed Wednesday to lead the World Bank for a five-year term that starts next month.
President Joe Biden chose Banga in February, after Malpass announced he would leave by June 30, and praised the nominee for his “critical experience” in tackling “the most urgent challenges of our time,” such as climate change. The United States is the bank’s largest shareholder and traditionally has nominated the organization’s president. American leaders have said that taking on climate change will be a major factor in the bank’s lending decisions.
Malpass, whose term was to expire in April 2024, ran into criticism last year for comments at a conference that appeared to cast doubt on the science that says the burning of fossil fuels causes global warming. He later apologized and said he had misspoken, noting that the bank routinely relies on climate science.
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Ex-Mastercard CEO Ajay Banga confirmed as World Bank presidentPresident Biden nominated Banga to serve as president of the World Bank in February.
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