Working groups reject the nomination of the President of the World Bank

International activist groups are disappointed with the nomination of former Mastercard CEO Ajay Banga as the new head of the World Bank. Working groups have long argued that the leadership of the World Bank, whose main goal is to fight poverty, must change. But they are not happy that a man from Wall Street might be president.

US President Joe Biden nominated Banga on Thursday. He is currently the vice president of an American investment firm. “Panga has run successful global companies for more than three decades, and has led investment in emerging economies,” Biden said in a statement.

Criticism of the nomination comes from, among others, Oil Change International, a group working against oil and other fossil fuels, and the Revolving Door Project, a group that wants to counter corporate superpower. Activist groups say Banga’s candidacy is a missed opportunity to select a candidate with experience fighting economic inequality and climate change. “Nothing in Banga’s appeal suggests confidence that he will turn the World Bank away from neocolonialism,” said Jeff Hauser, director of the Revolving Door Project.

Oil Change International is calling for other countries to nominate candidates as well, although the United States traditionally determines who will lead the World Bank. Final selection of candidates is not expected until early May. The World Bank provides loans around the world to fight poverty.