Biden’s World Bank pick wins backing of Nobel laureates, leaders

President Biden’s pick to lead the World Bank, former Mastercard CEO Ajay Banga, is getting public backing from a group of Nobel Prize winners and civil society leaders. 

More than 50 signatories on a letter shared by the Partnership for Central America say Banga is “the right person to lead the World Bank at this critical moment,” lauding his commitment to climate change and “deep appreciation for the global south.”

“A truly global citizen, Ajay has extensive experience living and working in developing economies. Importantly, as a leader with deep appreciation for the global south, he intuitively understands that economic growth can only be sustained if people and nature thrive together, not apart,” the letter reads. 

“He understands that the World Bank must serve as a force multiplier by setting the right agenda and then catalyzing action across governments, the private sector, multilateral development banks, civil society, and philanthropies.”

Among the signatories who say they “look forward” to Banga being selected by the World Bank’s board of directors are the CEOs of Mercy Corps, CARE USA, Girl Rising and Habitat for Humanity.

Joseph Stiglitz and Michael Spence, recipients of the 2001 Nobel Prize in Economic Sciences, and Muhammad Yunus, who received the 2006 Nobel Peace Prize, also signed on. 

Biden nominated Banga, a U.S. citizen who was raised in India, last month.

“Raised in India, Ajay has a unique perspective on the opportunities and challenges facing developing countries and how the World Bank can deliver on its ambitious agenda to reduce poverty and expand prosperity,” Biden said.

Banga would replace David Malpass, who led the World Bank during the Trump administration and stepped down this week after pressure from Democrats.

Malpass came under fire for comments criticized as implying climate change denial. In nominating Banga, Biden stressed that his new nominee “has critical experience mobilizing public-private resources to tackle the most urgent challenges of our time, including climate change.”