US President Joe Biden has nominated Indian-American business executive Ajay Banga to become president of the World Bank, replacing David Malpass, who announced his resignation last week. Biden said Banga is uniquely equipped to lead the World Bank at this critical moment in history. Biden said Banga spent more than three decades building and managing successful, global companies that create jobs and bring investment to developing economies, and guiding organisations through periods of fundamental change. The US President also singled out Banga’s experience mobilising public-private resources to tackle urgent challenges such as climate change at a range of organisations. Banga’s nomination is the first to be made public, but the bank will accept nominations from other member countries through March 29. Banga was raised in India but is now a US citizen.