US President Joe Biden announced that the US is nominating Banga to lead the World Bank, saying the business leader is uniquely equipped to lead the global institution at "this critical moment in history."
Applauding the appointment, US Treasury Secretary Janet Yellen said Banga has the right leadership and management skills, experience in emerging markets, and financial expertise to lead the World Bank at a critical moment in its history.
In a tweet, Kristalina Georgieva, Managing Director, IMF said, "Happy to hear that Ajay Banga, who I have known for many yrs, has been nominated as a candidate to lead World Bank. His exec leadership skills & drive for innovation are well known. But even more so I admire his commitment to sustainable development, to do good & help those most in need".
Banga, 63, currently serves as Vice Chairman at General Atlantic. Previously, he was President and CEO of Mastercard, leading the company through a strategic, technological and cultural transformation. He was awarded the Padma Shri in 2016.
Michael Miebach, CEO Mastercard said Banga is an inspired choice to lead the World Bank.