United States President Joe Biden has nominated former Mastercard CEO Ajay Banga to become president of the World Bank, hailing his business experience in his native India and his commitment to mobilizing private funds to help developing countries grapple with climate change.Biden’s nomination on Thursday all but assures Banga, 63, now a US citizen, will assume a job that oversees billions of dollars of funding, putting someone with close ties to emerging markets at the helm of the financial institution.The World Bank said on Wednesday that it expects to select a new president by early May to replace David Mlpass, who announced his resignation last week after months of controversy over his views on climate change and pressure by US Treasury Secretary Janet Yellen for him to adopt “bolder and more imaginative” reforms.
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