Indian-origin Ajay Banga has been nominated by US President Joe Biden to take over as chief of the World Bank. Banga, a former CEO of Mastercard, will replace David Malpass, who had originally planned to retire in April next year but decided to step down early. Malpass was appointed to the post by former US President Donald Trump. Banga's selection is believed to be due to his extensive experience in dealing with global challenges, including climate change. The World Bank is an international financial institution that works with 189 countries to combat poverty. Banga, who currently serves as Vice Chairman of General Atlantic, has over 30 years of experience in the business world. He is highly respected in the field and has received numerous accolades for his work, including being named one of Fortune's "World's 50 Greatest Leaders" in 2018.
