"Ajay is uniquely equipped to lead the World Bank at this critical moment in history," US President Joe Biden said.
"He has spent more than three decades building and managing successful, global companies that create jobs and bring investment to developing economies, and guiding organisations 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."
If Ajay Banga is selected by Washington to manage the multilateral lender as its new president, his record as a corporate CEO would be put to the test.
The Indian-American, who is the favourite to succeed David Malpass after the latter revealed his intention to retire early, has received plaudits for his efforts to address financial inclusion and climate change.
Mr. Banga, 63, served as chief executive of US payments giant MasterCard for 12 years before stepping down in December 2021. He is currently vice chairman of private equity firm General Atlantic.
During his leadership, the company's yearly revenue tripled to $15.3 billion, according to regulatory records.
According to US Treasury Secretary Janet Yellen, Mr. Banga's track record of establishing alliances between the public, private, and nonprofit sectors will help him mobilise private resources and push for important reforms.
She claimed that Mr. Banga's initiatives have increased economic opportunities, helped deploy private capital into climate solutions, and brought 500 million unbanked individuals into the digital economy.
He will be better able to achieve the World Bank's goals of eradicating extreme poverty and fostering shared prosperity as a result of his experience, according to Ms. Yellen. He will also be better able to pursue the necessary changes to effectively evolve the institution and make it suitable for the world we live in today.
