President Joe Biden on Thursday nominated Ajay Banga, the former CEO of Mastercard, to lead the World Bank.

Biden said in a statement that Banga is “uniquely equipped to lead the World Bank at this critical moment in history.” World leaders have called on the international financial institution to rethink how it addresses emerging global crises like climate change, food security and the coronavirus pandemic.

The nomination comes just days after current World Bank President David Malpass announced he would resign by July, months ahead of when the Trump administration-nominated president’s term expired.