World Bank: Ajay Banga, the former CEO of Mastercard, was voted by the World Bank’s 25-member executive board on Wednesday to a five-year term as president, beginning on June 2. Banga is an Indian-born finance and development expert tasked with modernising the lender to address climate change and other global challenges.
US President Joe Biden proposed Banga to succeed departing World Bank President David Malpass
In late February, US President Joe Biden proposed Banga, 63, as the lone candidate to succeed departing World Bank President David Malpass, an economist and former US Treasury representative during the Trump administration. Since its establishment at the end of World War Two, the World Bank has been led by an American, whereas the International Monetary Fund has been led by a European. Since 2007, Banga, who was born in India and began his career there, has been a citizen of the United States.
Banga, the ‘Genuine Change Maker’
Banga was interviewed by World Bank board members for four hours on Monday before the election. June 1 will be Malpass’s last day working at the bank. Instead of the customary consensus-based procedure, the decision was made by a vote of 24 of the board members, with Russia abstaining, according to a source familiar with the proceedings. After numerous discussions with board members in recent weeks as well as the formal interview on Monday, sources familiar with the procedure had predicted Banga would easily obtain the board’s approval. One of the insiders referred to Banga as a “genuine change maker” who will hasten the global development bank’s changes. It has previously provided hundreds of billions of dollars in loans to developing nations, but it is working to boost this amount in order to aid those nations in addressing global issues like climate change.
Banga travelled a total of 39546 miles over a three-week globe tour
Since his nomination, Banga has visited with representatives from 96 governments, the source claimed. He travelled a total of 39,546 miles (63,643 km) over a three-week globe tour, stopping in eight nations to meet with corporate executives, political figures, and civil society organisations. According to US Treasury Secretary Janet Yellen, if Banga is approved, one of his main areas of attention will be bringing in more private finance for development aims. According to a person familiar with the situation, Biden declared Banga’s candidature when Yellen was attending a gathering of Group of 20 finance officials in Bengaluru, India. She and her top travelling aides started pitching Banga’s candidature to their colleagues as soon as it was made public, the person claimed. The World Bank Group Evolution process, which was discussed at the April 2023 Spring Meetings, and all of the World Bank Group’s aspirations and initiatives targeted at addressing the most difficult development challenges facing poor nations would be worked on with Mr. Banga, the bank said.
Article Credits: DNP India