US tips ex-Mastercard CEO to become World Bank chief

Oluwanifemi Ojo
Oluwanifemi Ojo
Former Mastercard CEO, Ajaypal Singh Banga (Photo by Jemal Countess/Getty Images International Rescue Committee)

The Treasury Secretary of the United States, Janet Yellen, has said she anticipates that the former CEO of Mastercard, Ajay Banga, will become the president of the multilateral development bank, the World Bank.

Ajay Banga is the U.S. nominee for the position.

During her testimony for the State, Foreign Operations, and Related Programs subcommittee of the House Appropriations Committee, Yellen stated that Banga had been assigned the responsibility of aiding the institution to adapt and tackle new challenges more effectively.

According to Yellen, “This evolution will help the Bank deliver on its vital poverty alleviation and development goals,” as she informs the lawmakers who have control over the Treasury Department’s funding.

According to Reuters, Banga, who is 63 years old, has just finished a three-week trip around the world to connect with officials from different countries who are either borrowing or donating to the bank.

During his tour, he met with government leaders, civil society organizations, and other groups as part of his efforts to campaign for the bank’s highest position.

In February, President Joe Biden nominated the finance and development executive who was born in India and is now a U.S. citizen for the position.

Several countries, including India, Britain, France, Germany, Italy, Japan, Bangladesh, Colombia, Egypt, Ivory Coast, Kenya, Saudi Arabia and South Korea, have expressed their support for him, making it almost certain that he will be confirmed as the president of the World Bank.

It was reported that the World Bank is open to receiving nominations from other countries until March 29, but so far, there have been no announcements of other candidates.

Since its establishment after World War II, the World Bank has always been led by an American, while the International Monetary Fund has always had a European as its leader.

The board of the World Bank has expressed its desire to elect a new leader by the beginning of May.

The current president of the bank,David Malpass, was nominated by former President Donald Trump.

In February, Malpass announced his resignation following months of controversy over his initial reluctance to support the scientific consensus on climate change.

Share this Article
Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *