US pick to lead World Bank, Ajay Banga, to visit China, other countries

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US pick to lead World Bank, Ajay Banga, to visit China, other countries
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Banga said he had already won support from India, Ghana and Kenya, but hoped to visit as many countries 'as logistically possible' over the next three weeks to understand their concerns.

, who announced his resignation last month after months of controversy after he fumbled an answer on whether he accepted the scientific consensus on climate change, and escalating pressure by Treasury Secretary Janet Yellen for him to adopt "bolder and more imaginative" reforms at the bank.

While the bank will accept nominations from other countries until March 29, Biden's nomination all but assures that Banga will assume a job that oversees billions of dollars of funding for developing countries. The World Bank has been headed by someone from the U.S., the lender's dominant shareholder, since its founding at the end of World War Two.

Banga, who oversaw the expansion of Mastercard's market capitalization to $360 billion from $20 billion during his 12-year tenure there, said it was imperative to secure private sector investment to generate the trillions of dollars needed to combat climate change and eradicate extreme poverty.

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