US President picks Indian American Ajay Banga to lead World Bank

US President Joe Biden has nominated former Mastercard CEO Ajay Banga to lead the World Bank.

"Ajay is uniquely equipped to lead the World Bank at this critical moment in history. He has spent more than three decades building and managing successful, global companies that create jobs and bring investment to developing economies, and guiding organizations through periods of fundamental change. He has a proven track record managing people and systems, and partnering with global leaders around the world to deliver results," read Biden's statement.

Banga, a business leader with extensive experience leading successful organizations in developing countries and forging public-private partnerships to address financial inclusion and climate change, is to be President of the World Bank.

"He also has critical experience mobilizing public-private resources to tackle the most urgent challenges of our time, including climate change. Raised in India, Ajay has a unique perspective on the opportunities and challenges facing developing countries and how the World Bank can deliver on its ambitious agenda to reduce poverty and expand prosperity," read the statement.

The decision comes after World Bank's President David Malpass earlier said that he will step down almost a year early from his position.

(ANI)