Biden Nominates Former MasterCard Exec Ajay Banga To Lead World Bank

  • Banga would replace previous president David Malpass, who announced last week that he’s stepping down a year early — serving four years of a five-year term.
  • Although Malpass had been praised by the World Bank and administration officials for his handling of the global challenges posed by Russia’s invasion of Ukraine and the Covid-19 pandemic, his tenure faced controversy following comments he made last September about climate change.
  • During a panel, herefused to confirm during a climate panel whether he accepted the scientific consensus that burning fossil fuels were dangerously warming the planet.