United States President Joe Biden nominated Ajay Banga, an Indian-born American citizen and former chief executive of Mastercard, to lead the World Bank as it faces pressure from key shareholders to reform in order to better meet global challenges such as climate change and pandemics.
The surprise pick came a week after the bank’s embattled current president David Malpass announced he will step down in June, nearly a year before his five-year term was set to end in April 2024.
Some global development experts and world leaders had been calling for the bank’s next leader to be a woman — the institution has never had a woman serve as its permanent chief — as well as a climate advocate. And just a day before Biden’s announcement, the bank’s board of executive directors said it “would strongly encourage women candidates to be nominated.”
About the author
Shabtai Gold
Shabtai Gold is a Senior Reporter based in Washington. He covers multilateral development banks, with a focus on the World Bank, along with trends in development finance. Prior to Devex, he worked for the German Press Agency, dpa, for more than a decade, with stints in Africa, Europe, and the Middle East, before relocating to Washington to cover politics and business.
