U.S. President Joe Biden’s nominee to lead the World Bank, ex-Mastercard Chief Executive Officer, Ajay Banga, says he has already won the support of Ghana, India and Kenya.
Mr. Banga is hoping to visit as many countries around the world “as logistically possible” over the next three weeks to understand their priorities and concerns so he could “hit the ground running” if he was elected.
He will visit Africa, Europe, Asia and potentially Latin America in coming weeks to meet with donor countries and borrowers.
While the World Bank will accept nominations from other countries until March 29, 2023, President Biden’s nomination all but assures that Mr. Banga will assume a job that oversees billions of dollars of funding for developing countries.
Speaking with reporters at the U.S. Treasury Department, Mr. Banga said he believes the scientific evidence on climate change, and underscored the need for the bank to continue to work on poverty reduction and inequality, while also tackling the “intertwined” challenges posed by climate change.
“You cannot have economic prosperity without caring about nature, pandemics, fragility, food availability – this is our new world,” Banga said. “You need to understand that the challenges are multiplied and are multipolar.”
Biden last week nominated Mr. Banga, 63, to head the World Bank, betting the India-born executive’s ties to the private sector and decades of experience in emerging markets will bring fresh momentum to a U.S.-led push to overhaul the 77-year-old institution to better address climate change.
Mr. Banga, now a U.S. citizen, would replace outgoing president David Malpass, who announced his resignation last month after months of controversy after he fumbled an answer on whether he accepted the scientific consensus on climate change, and escalating pressure by Treasury Secretary Janet Yellen for him to adopt “bolder and more imaginative” reforms at the bank.
The World Bank has been headed by someone from the U.S., the lender’s dominant shareholder, since it was established at the end of World War Two.
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