Arab Press

بالشعب و للشعب
Friday, Aug 22, 2025

US to nominate ex-Mastercard CEO Banga for World Bank president

US to nominate ex-Mastercard CEO Banga for World Bank president

President Joe Biden will nominate former Mastercard Chief Executive Officer Ajay Banga in a surprise pick to be the next president of the World Bank as Washington pushes the lender to expand its financial firepower and confront global issues such as climate change and public health.
Banga “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, Biden said in a statement Thursday.

The 63-year-old currently serves as vice chairman at US investment firm General Atlantic LP. Before that, he spent a decade as president and CEO of Mastercard. He also held various positions at Citigroup Inc., including as CEO of the Asia-Pacific region.

While the official nomination process to replace Malpass opened earlier Thursday, and a final selection isn’t expected until early May, Washington’s candidate has traditionally taken the top spot at the World Bank, where the US is the largest shareholder. Current President David Malpass, who was nominated by President Donald Trump, last week unexpectedly announced that he plans to leave by the end of June.

The nomination comes at a time when the World Bank and its twin Bretton Woods institution the International Monetary Fund facing growing demand for their assistance, with 60 percent of low-income nations at or near distress, with countries owing their creditors hundreds of billions of dollars. It also comes as Treasury Secretary Janet Yellen is pushing an evolution of the development lender from its traditional focus on country-specific lending to focus on global goods like fighting climate change and pandemics.

Raised in India, Banga has “a unique perspective on the opportunities and challenges facing developing countries and how the World Bank can deliver on its ambitious agenda to reduce poverty and expand prosperity,” Biden said.

Yet he wasn’t among a list mentioned by analysts in recent days, which included Samantha Power, head of the US Agency for International Development; and Ngozi Okonjo-Iweala, the current head of the World Trade Organization, a dual Nigeria-US citizen. The World Bank board said Wednesday said that it would strongly encourage women nominees.

Banga’s nomination comes with Yellen in India for discussions among Group of 20 finance ministry and central bank leaders gathering this week in Bengaluru, India.

Regional initiatives

The former Mastercard chief has advocated greater use of green bonds to drive climate finance into developing countries. And he’s highlighted the challenge of financing climate-friendly projects in developing countries with high debt loads.

Banga has co-led the Partnership for Central America, an initiative launched by Vice President Kamala Harris to marshal private-sector support for the region aimed at creating more economic activity and jobs, with contributions of more than $4.2 billion across about 50 companies and organizations.

The Biden administration is confident that Banga will have a strong commitment to gender equality and inclusion, and that his experience growing up and spending the early part of his career in India will help give him a different perspective than his predecessors, a senior administration official told reporters.

If appointed by the executive board, Banga would follow the early departure of David Malpass, who was tapped in 2019 by then-President Donald Trump and seen by critics as unfriendly to Biden and Yellen’s climate priorities.

The bank’s next president will be tasked with reforming the nearly 80-year-old institution, a process spurred along by a Group of 20 review released last year and promoted by Yellen.

Among other recommendations, the bank is urged to tackle global and transnational issues, particularly climate change, and expand its so-called capital adequacy, allowing it to share more funds and take on more risk, all while continuing its traditional role of poverty reduction and project finance.

Any effort, however, will need to be balanced against preserving the bank’s triple-A credit rating and preferred creditor status, which allows it to borrow cheaply and lend at below-market rates.

Malpass, whose term was set to run through 2024, came under scrutiny in September after appearing to dodge questions over the man-made causes of climate change, raising calls for his replacement and for multilateral banks to stop funding fossil-fuel energy projects.

The bank’s executive board said Wednesday that it will accept nominations through March 29, and then decide on a shortlist of up to three candidates and conduct formal interviews.

Yellen earlier this month called on the bank to implement changes by the time shareholders meet for its so-called Spring Meetings this April in Washington, and asked it to kick off a second phase of reforms by the time shareholders meet for its annual meetings in October.
Newsletter

Related Articles

Arab Press
0:00
0:00
Close
Dogfights in the Skies: Airbus on Track to Overtake Boeing and Claim Aviation Supremacy
Tim Cook Promises an AI Revolution at Apple: "One of the Most Significant Technologies of Our Generation"
Are AI Data Centres the Infrastructure of the Future or the Next Crisis?
Miles Worth Billions: How Airlines Generate Huge Profits
Zelenskyy Returns to White House Flanked by European Allies as Trump Pressures Land-Swap Deal with Putin
Beijing is moving into gold and other assets, diversifying away from the dollar
Trump Backs Putin’s Land-for-Peace Proposal Amid Kyiv’s Rejection
Zelenskyy to Visit Washington after Trump–Putin Summit Yields No Agreement
Iranian Protection Offers Chinese Vehicle Shipments a Cost Advantage over Japanese and Korean Makers
United States Sells Luxury Yacht Amadea, Valued at Approximately $325 Million, in First Sale of a Seized Russian Yacht Since the Invasion of Ukraine
Saudi Arabia accelerates renewables to curb domestic oil use
Cristiano Ronaldo and Georgina Rodríguez announce engagement
Asia-Pacific dominates world’s busiest flight routes, with South Korea’s Jeju–Seoul corridor leading global rankings
Private Welsh island with 19th-century fort listed for sale at over £3 million
Sam Altman challenges Elon Musk with plans for Neuralink rival
Australia to Recognize the State of Palestine at UN Assembly
The Collapse of the Programmer Dream: AI Experts Now the Real High-Earners
Armenia and Azerbaijan to Sign US-Brokered Framework Agreement for Nakhchivan Corridor
British Labour Government Utilizes Counter-Terrorism Tools for Social Media Monitoring Against Legitimate Critics
WhatsApp Deletes 6.8 Million Scam Accounts Amid Rising Global Fraud
Texas Residents Face Water Restrictions While AI Data Centers Consume Millions of Gallons
India Rejects U.S. Tariff Threat, Defends Russian Oil Purchases
United States Establishes Strategic Bitcoin Reserve and Digital Asset Stockpile
Thousands of Private ChatGPT Conversations Accidentally Indexed by Google
China Tightens Mineral Controls, Curtailing Critical Inputs for Western Defence Contractors
JPMorgan and Coinbase Unveil Partnership to Let Chase Cardholders Buy Crypto Directly
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
WhatsApp Users Targeted in New Scam Involving Account Takeovers
Trump Deploys Nuclear Submarines After Threats from Former Russian President Medvedev
Germany’s Economic Breakdown and the Return of Militarization: From Industrial Collapse to a New Offensive Strategy
Germany Enters Fiscal Crisis as Cabinet Approves €174 Billion in New Debt
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Russia Formally Recognizes Taliban Government in Afghanistan
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Mediators Edge Closer to Israel-Hamas Ceasefire Agreement
Germany Seeks Taliban Deal to Deport Afghan Migrants
Emirates Airline Expands Market Share with New $20 Million Campaign
Robots Compete in Football Tournament in China Amid Injuries
×