US nominates ex-Mastercard CEO Ajay Banga as World Bank president

The Biden administration has nominated former Mastercard CEO Ajay Banga to fill the position of World Bank president, days after former president David Malpass stepped down.

The nomination begins the bank's confirmation process that is expected to conclude around May.

The position of president has traditionally been filled by a US citizen chosen by the US government, and it is not clear if another country will nominate a candidate. The deadline for nominations is 29 March.

Banga is currently vice chair of private equity firm General Atlantic, having headed Mastercard for more than a decade until his resignation in 2021.

The move from Biden has been met with disappointment from climate activists, who had called for the US president to put forward a candidate with a background in environmental issues.

Speculation had grown since David Malpass announced his intention to resign from the post last week, despite almost a year remaining of his five-year term.

Malpass, who had been nominated by Donald Trump, drew strong criticism from activists and the Biden administration alike for his lack of focus on climate change, culminating in an event last September where he refused state whether he believed in manmade climate change.

"Ajay is uniquely equipped to lead the World Bank at this critical moment in history," Biden said in a statement.

"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."

Treasury secretary Janet Yellen added: ""Ajay Banga understands that those core objectives are deeply intertwined with challenges like meeting ambitious goals for climate adaptation and emissions reduction, preparing for and preventing future pandemics, and mitigating the root causes and consequences of conflict and fragility."