US names businessman Ajay Banga to lead World Bank

US President Joe Biden is nominating Indian-American businessman Ajay Banga to lead the World Bank, after its previous leader resigned early.

The move comes as the US calls for reforms at the bank, including increased focus on climate change.

Raised in India, Mr Banga led credit card giant Mastercard for more than a decade.

Mr Biden said he had the right mix of management and financial experience to help the bank deliver on its goals.

The US has traditionally been in charge of selecting the person to lead the World Bank, which lends billions of dollars to countries each year.

David Malpass, who was nominated by former US President Donald Trump, announced his plans to leave the organisation earlier this month.