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US President Joe Biden has nominated former Mastercard Chief Executive Ajay Banga to lead the World Bank, after its current chief David Malpass announced to step down early. Ajay Banga, 63, is Indian-American and currently serving as vice chairman at equity firm General Atlantic. He was previously chief executive at Mastercard. About World Bank The World Bank is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purpose of pursuing capital projects. Founded: July 1944 Headquarters: Washington, D.C., United States President: David Malpass
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