Biden appoints new World Bank President

US President Biden has announced that he will nominate Ajay Banga, former Mastercard CEO to be President of the World Bank. As the Bank’s largest shareholder, it is tradition for the US to nominate its president. The Whitehouse said the decision was based on the fact that Banga has extensive experience leading organisations in developing countries and forging public-private partnerships to address financial inclusion and climate change. It is hoped that he will jump start the overhaul that has been proposed to the 77 year old institution, which we reported on last month. Banga has joined several bodies as a climate adviser. He became vice-chairman of the climate-focused fund, BeyondNetZero, at its inception in 2021.

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