Ajay Banga, the former CEO of MasterCard, was nominated for the position of president of the World Bank by U.S. President Joe Biden on Thursday. Biden praised Banga's business experience in his native India as well as his commitment to raising private funds to help developing nations deal with climate change and expand financial inclusion.

The World Bank said on Wednesday that it expects to choose a new president by the beginning of May to replace David Malpass. Malpass resigned last week after months of controversy over his views on climate change and pressure from Treasury Secretary Janet Yellen to implement "bolder and more imaginative" reforms.

Former U.S. Treasury official and senior fellow at the Center for Global Development, Scott Morris, stated: I believe the speed of the nomination, less than 48 hours after the WB board began the process, demonstrates a desire to quickly eliminate any potential opponents.

Since Banga, now 63 and a citizen of the United States, was nominated by Biden, it almost guarantees that he will take over a job that oversees billions of dollars in funding. This puts someone with close ties to emerging markets in charge of the bank as it tries to help developing countries better deal with climate change and other pressing issues.

In a statement, Biden said, "Ajay is uniquely equipped to lead the World Bank at this critical moment in history." Ajay, who was brought up in India, has a unique perspective on the opportunities and challenges that developing nations face as well as the ways in which the World Bank can implement its ambitious plan to reduce poverty and increase prosperity.

Biden cited Banga's decades of experience building global businesses and public-private partnerships to address pressing issues like climate change, and he claimed that Banga had a track record of working with global leaders.

Luis Alberto Moreno, who worked closely with Banga as president of the Inter-American Development Bank, said that Banga's work in India and other emerging markets, his "obsession" with expanding financial inclusion, and his extensive knowledge of new technologies could help bridge the growing gap between rich countries and emerging markets.

The bank will accept nominations from other member nations until March 29. Banga's nomination is the first to be made public. Another major shareholder, Germany, said this week that the job should be given to a woman because the bank has never had a woman head it in its 77-year history.

If I talk about his career, Ajay has established himself as a global leader in innovation for inclusion, data, financial services, and technology over the course of his career. From 2020 to 2022, he will be the International Chamber of Commerce's Honorary Chairman. He also serves as Temasek's Independent Director and Chairman of Exor. 

At its inception in 2021, he became an advisor to the climate-focused fund BeyondNetZero, which is managed by General Atlantic. Ajay has previously held positions on the American Red Cross, Kraft Foods, and Dow Inc. boards. As the Co-Chair of the Partnership for Central America, he has collaborated closely with Vice President Harris. 

He is Chairman Emeritus of the American India Foundation, a former member of the National Committee on United States-China Relations, a founding trustee of the U.S.-India Strategic Partnership Forum, and a member of the Trilateral Commission.

He is Vice Chair of the Economic Club of New York, a co-founder of The Cyber Readiness Institute, and a member of President Obama's Commission on Enhancing National Cybersecurity. He has served on the President of the United States' Advisory Committee for Trade Policy and Negotiations in the past.

Ajay was granted the International strategy Affiliation Decoration in 2012, the Padma Shri Grant by the Leader of India in 2016, the Ellis Island Decoration of Honor and the Business Committee for Worldwide Comprehension's Worldwide Administration Grant in 2019, and the Recognized Companions of Singapore Public Help Star in 2021