USPresidentJoeBidenhasnominatedformerMastercardChiefExecutiveAjayBangatoleadtheWorldBankafteritscurrentchiefDavidMalpassannouncedtostepdownearlyAjayBanga63isIndianAmericanandcurrentlyservingasvicechairmanatequityfirmGeneralAtlanticHewaspreviouslychiefexecutiveatMastercardAboutWorldBankTheWorldBankisaninternationalfinancialinstitutionthatprovidesloansandgrantstothegovernmentsoflowandmiddleincomecountriesforthepurposeofpursuingcapitalprojectsFoundedJuly1944HeadquartersWashingtonDCUnitedStatesPresidentDavidMalpass