The Biden administration recently nominated Ajay Banga, the former head of Mastercard, to succeed the embattled David Malpass as president of the World Bank. Elections to the presidency of the World Bank are in reality a one-horse race for the jockey selected by the U.S., the Bank’s largest shareholder. It is nearly certain that Banga will step into the winner’s circle in a few weeks. His nomination has been generally welcomed as he meets with leaders and stakeholders around the world in his campaign. Not because he is a development or climate expert, but because he comes with a track record of successfully managing change in large organizations and has a deep understanding of private capital markets. Both will be needed in his new role.