Biden nominates new leader for World Bank

BENGALURU, India — The Biden administration nominated Ajay Banga, the former longtime chief executive of Mastercard, to be the next president of the World Bank, a selection that is likely to drastically reshape the global development institution and broaden its ambitions to combat climate change.

The nomination is expected to initiate a monthslong confirmation process before a final decision by the World Bank’s board. It is not clear if any other countries will nominate a candidate. The World Bank president is traditionally an American citizen chosen by the United States.

If confirmed, Banga will bring vast experience running large organizations and deep knowledge of the digital economy. Raised in India, he would bring a firsthand understanding of the challenges that developing countries face.

“Ajay is uniquely equipped to lead the World Bank at this critical moment in history,” President Joe Biden said in a statement. “He has spent more than three decades building and managing successful, global companies that create jobs and bring investment to developing economies, and guiding organizations through periods of fundamental change.”

Speculation surrounding the nomination has gathered momentum in the last week since David Malpass, the current World

Bank president, announced his intention to step down by the end of June, with nearly a year left in his five-year term. Malpass, who was picked by President Donald Trump, drew criticism and stirred frustration among Biden administration officials for his lack of focus on the bank’s climate agenda.

Those concerns came to a head in September, when Malpass came under fire for his views on climate change. When asked if he accepted the overwhelming scientific consensus that the burning of fossil fuels was causing global temperatures to rise, he demurred. “I’m not a scientist,” he said. The exchange, during a live interview at a New York Times event, set off a slow-motion public relations crisis for Malpass.