The World Bank can be a “catalyst for change” across global institutions, drive innovation on climate and digitalization, and bring in private sector investors for development, according to Ajay Banga, the sole nominee to take over as president of the anti-poverty lender.
Banga, the former CEO of Mastercard, spoke Wednesday in Washington, D.C., in his first major public address since U.S. President Joe Biden tapped him for the job in February. Banga is likely to be confirmed by the board in the coming weeks and would start his five-year term in July.
Banga welcomed the $50 billion in additional lending over the next 10 years that outgoing chief David Malpass and the board have agreed on as part of major capital adequacy reforms, but said these moves may be just the “first steps.”
About the author
Shabtai Gold
Shabtai Gold is a Senior Reporter based in Washington. He covers multilateral development banks, with a focus on the World Bank, along with trends in development finance. Prior to Devex, he worked for the German Press Agency, dpa, for more than a decade, with stints in Africa, Europe, and the Middle East, before relocating to Washington to cover politics and business.
