Biden nominates former Mastercard boss Ajay Banga to lead World Bank

Former Mastercard CEO Ajay Banga has been nominated by the US to lead the World Bank (AP Photo/Seth Wenig, File)

The United States is nominating former Mastercard CEO Ajay Banga to lead the World Bank, President Joe Biden announced on Thursday, crediting him with critical experience on global challenges including climate change.

The news comes days after Trump appointee David Malpass announced plans to step down in June from his role leading the 189-nation poverty reduction agency. His five-year term was due to expire in April 2024.