Indian-American business executive Ajay Banga has been nominated by US President Joe Biden as head of World Bank once confirmed by the Board of Directors of World Bank, Mr Banga will be the first Indian-American and Sikh to head either of the two top international financial institutions: the International Monetary Fund and the World Bank.
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. His nomination comes amid a push for development lenders to revamp and address global problems like environmental issues more effectively. US Treasury Secretary Janet Yellen earlier said that lenders’ core models, where countries borrow to make specific investments addressing developmental constraints, is “insufficient to meet the moment.”