WASHINGTON (AP) 鈥� The United States is nominating former Mastercard CEO Ajay Banga to lead , President Joe Biden announced on Thursday, crediting him with critical experience on global challenges including climate change.
The news comes days after Trump appointee David Malpass in June from his role leading the 189-nation poverty reduction agency. His five-year term was due to expire in April 2024.
Addressing the impacts of climate change at the multilateral bank is a priority for the U.S. And have urged the Biden administration to use Malpass' early departure as an opening to overhaul the powerful financial institution, which has been increasingly criticized as hostile to less-wealthy nations and efforts to address .
Malpass ran into criticism last year for seeming, in comments at a conference, to cast doubt on the science that says the burning of fossil fuels causes global warming. He later apologized and , noting that the bank routinely relies on climate science.
Banga, currently vice chairman at private equity firm General Atlantic, has more than 30 years of business experience, having served in various roles at Mastercard and the boards of the American Red Cross, Kraft Foods and Dow Inc. He is the first Indian-born nominee to the World Bank president role.
鈥淎jay is uniquely equipped to lead the World Bank at this critical moment in history," Biden said in a statement, adding that Banga 鈥渉as critical experience mobilizing public-private resources to tackle the most urgent challenges of our time, including climate change.鈥�
Treasury Secretary Janet Yellen said in a statement that Banga's experience 鈥渨ill help him achieve the World Bank鈥檚 objectives of eliminating extreme poverty and expanding shared prosperity while pursuing the changes needed to effectively evolve the institution,鈥� which include meeting 鈥渁mbitious goals for climate adaptation and emissions reduction.鈥�
The United States has traditionally picked the World Bank chief. The head of its sister agency, , has traditionally come from Europe. But critics have called for an end to that arrangement and for developing countries to gain a bigger voice in the two organizations.
The World Bank has promised to conduct 鈥渁n open, merit-based and transparent selection process鈥� and said it would accept nominations through March 29.
The bank is under intense pressure to do more to help poor countries finance projects to combat and prepare for climate change without saddling them with heavy debt burdens.
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AP Economics Writer Paul Wiseman contributed to this story.
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Fatima Hussein, The Associated Press
