WASHINGTON: The World Bank’s executive board will conduct a formal interview with Ajay Banga, the U.S. nominee to success David Malpass as president of the multilateral development bank, in early May, two sources familiar with the matter said on Tuesday.

Malpass informed the board on Tuesday that his last day would be June 1, the sources said, speaking on condition of anonymity.

U.S. Treasury Secretary Janet Yellen, who has championed reforms at the World Bank to free up funds to help developing countries address climate change, fragility and other crises, told Indian Finance Minister Nirmala Sitharaman on Tuesday that having the right leadership at the bank was critical.

Biden nominates former MasterCard chief Banga to head World Bank

Banga, the former chief executive of Mastercard, “has the right leadership and management skills, background, and financial expertise to lead the World Bank at a critical moment in its history,” she said.

“He has a keen understanding of the economic opportunities present in developing countries that will serve him well if he’s selected,” she said at the start of a meeting with Sitharaman.

The World Bank Group’s executive board last month said it will consider only Banga to be the development lender’s next president, as no other candidates were nominated.