Biden praises Ajay Banga, new head of the World Bank

US President Joe Biden has praised the new World Bank head as a “transformational” leader who will add climate change to the list of challenges facing the lender in its work with developing countries.

“Ajay Banga will be a transformational leader bringing knowledge, experience and innovation to the role of World Bank President,” Biden said in a statement.

On Wednesday, the chief executives of the World Bank selected Banga, Biden’s nominee, to head the institution.

Banga is a naturalized US citizen, born in India and a former credit card executive.

Biden was hopeful about the appointment and assured that his promoter “will help lead the institution as it evolves and expands to address global challenges that directly affect its core mission of poverty reduction, including climate change.”

The current president of the World Bank, David Malpass, resigned in february amid calls for his removal for comments in which he appeared to downplay the role of human actions and fossil fuels in creating climate change. He will leave in June, with less than a year left in his five-year term.

The US president conventionally nominates the winning candidate, although any member nation may nominate someone. The United States is the bank’s largest shareholder and the largest donor to a subgroup of the bank that will also control Banga, the International Development Association.

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