President of America Joe Biden on Thursday announced that the United States is nominating former MasterCard CEO Indian-American Ajay Banga to lead the World Bank.

President Biden said in a statement, “Ajay is uniquely equipped to lead the World Bank at this critical moment in history”.

Ajay Banga currently serves as Vice Chairman at General Atlantic. The Government of India awarded Banga the civilian honor of the Padma Shri in 2016.

In the statement, President Biden further stated, “He has spent more than three decades building and managing successful, global companies that create jobs and bring investment to developing economies, and guiding organizations through periods of fundamental change. He has a proven track record managing people and systems, and partnering with global leaders around the world to deliver results”.

“He also has critical experience mobilizing public-private resources to tackle the most urgent challenges of our time, including climate change. 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.”