US pick to head World Bank Ajay Banga appears almost certain to become next president of international institution

• Ajay Banga, the US pick to head the World Bank, appears almost certain to become the next president of the international institution as nominations closed yesterday. While no countries besides the US have announced candidates, World Bank rules allow member nations to make nominations during the window that closed yesterday afternoon.
• The former Mastercard Inc. chief executive was tapped by President Joe Biden last month after current president David Malpass announced plans to step down. Mr Banga, 63, spent most of the past month on a global tour to creditor and borrower nations to build support for his nomination that included stops in China, Kenya and Ivory Coast, as well as the UK, Belgium, Panama and his native India.
• Mr Banga is poised to take over at a pivotal time for the anti-poverty lender, which gives out about 100 billion dollar annually. The US is among nations pushing reforms of multilateral development banks to unlock more climate financing for the developing world. The institution's top job has always gone to a US candidate. 

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Published date : 31 Mar 2023 03:53PM