World Bank’s new chief says institution must be bigger, better
Ajay Banga, the World Bank’s new president, said the lender must become bigger as well as better at measuring its impact so it can help fund some of the trillions of dollars in global development needs.
Changes at the world’s largest anti-poverty lender will boost its lending capacity by about $150-billion over the next decade, Banga said Wednesday in Marrakech, Morocco, during the annual meetings of the bank and the International Monetary Fund.
Adjustments to areas including loan guarantees and hybrid capital can boost lending capacity by 15% to 20% and leverage resources six to eight times, but still be won’t be enough to meet global needs.
Banga signaled that he’ll push for more capital for the bank even after currently proposed changes are put into place, adding that he’s confident the US Congress will support his current plans.
“I’m definitely going to go back to our shareholders to seek a bigger bank” Banga said. “I believe that is what the world needs for the next coming decades.”
Other countries will be watching the US Congress closely to see if it approves the funding promised by President Joe Biden and Yellen. Partisan squabbles in the US are threatening not only support for the World Bank but aid for Ukraine.
Banga took over from David Malpass, who was nominated by former President Donald Trump in 2019 and in February announced plans to step down almost a year early. His presidency gives the Biden administration a chance to evolve the Washington-based institution toward a greater focus on climate change, as environmental activists had said Malpass wasn’t providing leadership on the issue.
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