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While on a visit to Kenya, the United States candidate to head the World Bank, Ajay Banga stressed the revamp of the development model to meet the new challenge of climate change. He said the world could not continue to pursue the prior model of an emission-heavy growth system. Banga (63) an Indian American was last month nominated by US President Joe Biden to head the global lender
While on a visit to Kenya, the United States candidate to head the World Bank, Ajay Banga stressed the revamp of the development model to meet the new challenge of climate change. He said the world could not continue to pursue the prior model of an emission-heavy growth system. Banga (63) an Indian American was last month nominated by US President Joe Biden to head the global lender. The present incumbent David Malpass announced his plans to step down early, ostensibly due to the World Bank’s lukewarm support to addressing climate change.
Banga is currently serving as the vice chairman of General Atlantic, an equity firm. He was earlier chief executive at Mastercard. He said in Nairobi, the capital city of Kenya that emissions and climate change were crucial issues that the world was facing now and all efforts should be directed towards addressing them involving the participation of the private sector.
The World Bank started accepting candidates in a process set to run until March 29. The Bank said that women contenders would be strongly encouraged. Banga, a Sikh who was born and raised in India, is so far the only declared candidate and has received the support of several countries including India, Kenya and Ghana. He promised a number of reforms if elected to the coveted position.
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Earlier, Banga visited Ivory Coast. He will also be visiting Europe and parts of Asia including China, India, Latin America and Japan in the coming weeks. There are critics who lash at Banga’s corporate background and maintain that an organization like the World Bank could ill-afford people with such background at the helm of affairs. It is customary that the president of the World Bank is typically an American. The leader of the International Monetary Fund is customarily a European. The US is the largest shareholder of the World Bank and that way its nominee would have an advantage over others.
