US nominates Ajay Banga to lead World Bank

NEW YORK: The United States has nominated Indian-American businessman Ajay Banga to lead the World Bank.

The move comes as the US increases pressure on the bank to put more emphasis on tackling climate change, BBC reported.

Banga had led credit card giant Mastercard for over a decade and now works in private equity.

Banga was born in Pune cantonment (Khadki) and his father Harbhajan Singh Banga is a retired lieutenant-general, who served in the Indian Army.

Ajay Banga will succeed David Malpass, who announced earlier this month that he intends to resign four years into his five-year term.

Notably, the United States is the largest stakeholder in the World Bank.

“His efforts have helped bring 500 million unbanked people into the digital economy,” US treasury secretary Janet Yellen said in a statement.

“This experience will help him achieve the World Bank’s objectives of eliminating extreme poverty,” the statement added.