Page 30 - The Indian EYE 031023

BUSINESS EYE MARCH 10, 2023 | The Indian Eye 30

CLIMATE, POVERTY AND INEQUALITY:

How Ajay Banga plans to give a

new direction to WB

Banga, who oversaw the expansion of Mastercard’s market capitalization

to $360 billion during his 12-year tenure, already has gotten support from India

OUR BUREAU
New Delhi
resident Joe Biden’s nominee
to lead the World Bank, Indi-
Pan-American Ajay Banga, has
said the bank needs to structure its
operations to continue to work on
poverty reduction and inequality,
while also tackling “intertwined” chal-
lenges posed by climate change as he
believed the scientific evidence on it.
The ex-Mastercard chief execu-
tive officer also told reporters at the
US treasury department he plans to
travel to Europe, Asia, Africa and
potentially Latin America in coming
weeks to hear from donor countries
and borrowers on challenges facing
the global institution.
“You cannot have economic pros-
perity without caring about nature,
pandemics, fragility, food availabil-
ity - this is our new world,” Banga The Union Finance Ministry on Thursday said India “looks forward to his leadership” of the international organization (File photo)
said. “You need to understand that
the challenges are multiplied and are world “as logistically possible” over dia “looks forward to his leadership” Banga has been nominated to be
multipolar.” the next three weeks to understand of the international organization. the next president of the World Bank,
Biden last week nominated Ban- their priorities and concerns. The official Twitter handle of the following the early resignation of out-
ga, to head the World Bank, betting Barring any last-minute challeng- ministry -- @FinMinIndia -- said on going chief David Malpass.
the India-born executive’s ties to the es, Biden’s nomination of Banga, now Thursday, “Congratulations to Mr Born and raised in India, Ajay
private sector and decades of experi- a U.S. citizen, all but assures he will Ajay Banga on being nominated to Banga has a unique perspective on
ence in emerging markets will bring assume a job that oversees billions of lead @WorldBank. India supports challenges that can deliver on its
fresh momentum to a U.S.-led push dollars of funding to help develop- Mr Banga’s nomination and looks agenda for prosperity and reduce
to overhaul the 77-year-old institu- ing countries. The United States, the forward to his leadership of the @ poverty. While addressing weekly
tion to better address climate change. lender’s dominant shareholder, has WorldBank.” “Mr Banga brings briefings, White House press sec-
Banga, 63, would replace out- chosen every World Bank president with him unique and wide-ranging retary Karine Jean-Pierre last week
going president David Malpass, who since the founding of the institution expertise in #financial and #tech- said, “the US nominated Ajay Banga
announced his resignation last month at the end of World War Two. nological sectors, rich experience in to be president of the World Bank.
after months of controversy sparked Asked about a U.S.-led push to guiding large organizations that have President Biden himself said he is
by his initial refusal to say if he ac- stretch the bank’s balance sheet and invested and created jobs in #Devel- uniquely equipped to lead the world
cepted the scientific consensus on cli- boost its lending capacity, Banga said opingEconomies, and in mobilizing bank; he is a renowned business ex-
mate change, and escalating pressure the bank must “do all it can” to work resources on a large scale,” the min- ecutive who has managed compa-
by Treasury Secretary Janet Yellen through recommendations prepared istry said. nies bringing jobs and investment to
for him to adopt “bolder and more for the Group of 20 major economies The ministry further said that developing economies.” “He (Ajay
imaginative” reforms at the bank. by an independent commission last Banga’s rich experience will stand Banga) has a proven track record of
Banga, who oversaw the expan- year, while still protecting the bank’s him in good stead at a time “when creating public-private partnerships.
sion of Mastercard’s market capital- AAA credit rating. the @WorldBank is considering Raised in India he has a unique per-
ization to $360 billion from $20 billion Meanwhile, congratulating Ajay next-generation #reforms to deliver spective on opportunities and chal-
during his 12-year tenure there, said Banga, former chief executive officer on its ambitious agenda to reduce lenges facing developing countries
he had already gotten support from of MasterCard, on being nominated poverty, expand prosperity and deal and how World Bank can deliver on
India, Ghana and Kenya, but hoped to lead World Bank, the Union Fi- with the pressing global challenges of its agenda for prosperity and reduce
to visit as many countries around the nance Ministry on Thursday said In- our times.” poverty,” she added.

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