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US President Joe Biden nominates former Mastercard CEO Ajay Banga to lead the World Bank.
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The current World Bank President, David Malpass, announced plans to step down early.
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The process of accepting candidate nominations will run until March 29.
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Women candidates are strongly encouraged to apply for the position.
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The president of the World Bank is typically American, while the leader of the IMF is customarily European.
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Ajay Banga is Indian-American and currently serving as Vice Chairman at equity firm General Atlantic.
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Banga's critical experience is seen as valuable in mobilizing public-private resources to tackle urgent challenges, including climate change.
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Malpass was nominated by former President Donald Trump in 2019 and his term was originally set to end in 2024.
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Banga's nomination comes amid a push for development lenders to revamp and address global problems like environmental issues more effectively.
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US Treasury Secretary Janet Yellen has called for development lenders to re-evaluate their core models to better address developmental constraints.