Following the early resignation of the World Bank's current leader, US President Joe Biden has proposed Indian-American businessman Ajay Banga as a replacement.
The decision was made as the US demanded changes at the bank, including more action to combat climate change.
Born and raised in India, Mr. Banga oversaw Mastercard for more than ten years.
According to US officials, Mr. Banga has the expertise to assist the bank in collaborating with the private sector to achieve its objectives.
The bank's board will officially name the organization's new leader.
The bank stated on Wednesday that it intended to name a new leader by the beginning of May and that it would interview a shortlist of up to three candidates.
The decision to choose the head of the organization that lends billions of dollars to nations annually has historically been made by the US, the World Bank's largest shareholder.
In 2021, Mr. Banga left his position at Mastercard. At the moment, he serves as vice chairman of the private equity company General Atlantic.
Treasury Secretary Janet Yellen expressed her desire for the World Bank to be a "force multiplier for good by setting the right agenda and catalyzing action from across the spectrum" in a statement.
She cited his track record of forming alliances between organizations, businesses, and non-profits in saying that Mr. Banga was "uniquely" qualified to handle that responsibility.
Former US President Donald Trump's nominee David Malpass announced earlier this month that he would be leaving the organization.
He had come under fire from environmentalists for taking too long to allocate funds from the bank to combating climate change.
