US President Joe Biden has announced his nomination of business executive Ajay Banga to become the next president of the World Bank, praising his ability to create public-private partnerships to tackle financial inclusion and climate change.
The World Bank is expected to select a new president by early May to succeed David Malpass, who resigned after months of controversy over his stance on climate change and pressure from Treasury Secretary Janet Yellen for more innovative reforms.
According to Scott Morris, a former US Treasury official and senior fellow at the Center for Global Development, Banga’s swift nomination indicates a desire to discourage challengers and swiftly conclude the process. As the institution undertakes major reforms to tackle climate change and other pressing issues in developing countries, Banga’s appointment by the United States all but guarantees his oversight of billions of dollars in funding.
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