Washington - In a move that would make history, US President Joe Biden has nominated Indian-American businessman Ajay Banga to become the next President of the World Bank. If confirmed, Banga would be the first person of Indian descent to lead the international financial institution.

It is customary for the President of the World Bank to be nominated by the American President, while the head of the International Monetary Fund is traditionally selected from Europe by the European Union.

Banga, who was born in India and later moved to the United States, is a well-respected figure in the business world. He is currently the Executive Chairman of Mastercard, where he previously served as CEO for a decade. Prior to that, Banga held various leadership positions at Citigroup and Nestle.

In a statement announcing the nomination, President Biden praised Banga's leadership skills and his ability to bring people together. "Ajay Banga has a proven track record of building bridges and forging partnerships across sectors and borders," said Biden. "I have no doubt that he would bring that same spirit of collaboration and innovation to the World Bank."

Banga's nomination comes at a critical time for the World Bank, which is facing numerous challenges including the COVID-19 pandemic, climate change, and rising poverty rates around the world. If confirmed by the World Bank's Board of Executive Directors, Banga would succeed David Malpass, who has served as President since 2019.

In response to the news, Banga expressed gratitude for the nomination and his commitment to the World Bank's mission. "I am honored and humbled by President Biden's nomination to lead the World Bank," said Banga. "If confirmed, I would work tirelessly to support the World Bank's critical mission of reducing poverty and promoting sustainable development around the world."

Banga's nomination has already received widespread support from leaders in the business and political communities. Indian Prime Minister Narendra Modi tweeted his congratulations, calling Banga a "proven leader and accomplished entrepreneur." Other world leaders and financial experts have also praised the nomination, citing Banga's extensive experience in both the private and public sectors.

The World Bank's Board of Executive Directors is expected to vote on Banga's nomination in the coming weeks. If approved, Banga would assume the presidency on July 1, 2023.