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Mastercard President and CEO Ajay Banga speaks at the Bloomberg Global Business Forum in New York, U.S., September 20, 2017. /REUTERS
U.S. President Joe Biden said Thursday that Washington is nominating former Mastercard Chief Executive Ajay Banga as a candidate to lead the World Bank, after its current head announced plans to step down early.
The development lender has just started accepting candidate nominations in a process set to run until March 29.
Banga, 63, is Indian-American and currently serving as vice chairman at equity firm General Atlantic.
He was previously chief executive at Mastercard, and has also served on the boards of the American Red Cross, Kraft Foods and Dow Inc, said the White House in a statement.
Banga has "critical experience mobilizing public-private resources to tackle the most urgent challenges of our time, including climate change," said Biden in a statement.
Last week, current World Bank President David Malpass said he would step down nearly a year early, ending a tenure that has been clouded by questions over his climate stance.
Malpass, who was appointed to the post in 2019 when Donald Trump was president, would originally have ended his term in 2024.
U.S. is the World Bank's largest shareholder. Any of the bank's 189 members can nominate a candidate, though in 2019, Malpass was the lone nominee to take over the helm of the institution.
(With input from AFP)
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Disinformation report hotline: 010-85061466