Following the resignation of the World Bank’s current president, US President Joe Biden has nominated Indian-American businessman Ajay Banga to lead the organization.
The move comes as the US calls for bank reforms, including more action to combat climate change.
Mr Banga, who was born in India, led credit card giant Mastercard for more than a decade.
According to US officials, Mr Banga has the experience to help the bank work with the private sector to achieve its goals.
It is up to the bank’s board of directors to officially appoint its next CEO.
The bank announced on Wednesday that it would interview a shortlist of up to three candidates and would name a new CEO by early May.
The United States, the World Bank’s largest shareholder, has traditionally been in charge of selecting the institution’s leader, which lends billions of dollars to countries each year.
Mr. Banga will leave Mastercard in 2021. He is currently a vice chairman at General Atlantic, a private equity firm.
Treasury Secretary Janet Yellen stated in a statement that she wants the World Bank to be a “force multiplier for good” by setting the right agenda and catalyzing action from across the spectrum.
She described Mr Banga as “uniquely” qualified for the job, citing his track record of forming alliances between governments, businesses, and non-profits.
Former US President Donald Trump nominated David Malpass, who announced his intention to leave the organization earlier this month.
Environmentalists had chastised him for taking too long to direct the bank’s resources toward addressing climate change.