The US's nomination of Ajaypal Singh Banga almost guarantees that he would take on a position managing billions of dollars in funding as the organization begins a major overhaul to better address climate change and other urgent issues affecting developing nations. Ajaypal Singh Banga, an Indian-American and former CEO of MasterCard, has been nominated by US President Joe Biden to manage the World Bank at this pivotal juncture in history. Biden made the announcement on Thursday. Candidate nominations are being accepted by the development lender and will be taken in through March 29. The main shareholder of the World Bank, the United States, has traditionally led the organization, whereas Europeans have traditionally led the International Monetary Fund (IMF). According to Reuters, developing nations and emerging markets have pushed for an expansion of those choices.

Key Points

• The US's nomination of Ajaypal Singh Banga almost guarantees that he would take on a position managing billions of dollars in funding as the organisation begins a major overhaul to better address climate change and other urgent issues affecting developing nations.

• The main shareholder of the World Bank, the United States, has traditionally led the organization, whereas Europeans have traditionally led the International Monetary Fund (IMF).

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