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World's Bank new president.

 Joe Biden has nom­in­ated former Mas­ter­card chief exec­ut­ive Ajay Banga as World Bank pres­id­ent,

World Bank

pick­ing a Wall Street vet­eran raised in India to over­see the insti­tu­tion’s most significant mis­sion change in a gen­er­a­tion. Banga’s nom­in­a­tion, a week after sit­ting pres­id­ent David Mal­pass abruptly resigned, was made as the US and other share­holder nations seek to expand the bank’s devel­op­ment remit to include the fight against global warm­ing. The US pres­id­ent said Banga had a grasp of the chal­lenges facing devel­op­ing coun­tries and «crit­ical exper­i­ence» in mobil­ising private money to «tackle the most urgent chal­lenges of our time, includ­ing cli­mate change». Banga, cur­rently vice-chair of Gen­eral Atlantic, a US private equity group, was the chief exec­ut­ive of pay­ments com­pany Mas­ter­card until the end of 2020.

Banga’s nom­in­a­tion comes after the bank’s biggest share­hold­ers agit­ated for the insti­tu­tion to incor­por­ate cli­mate into devel­op­ment work and cri­ti­cised Mal­pass, who was appoin­ted by the Trump admin­is­tra­tion, for fail­ing to embrace a cli­mate agenda. Banga over­saw close to a dec­ade of strong rev­enue growth at Mas­ter­card and was seen as an advoc­ate of global fin­an­cial inclu­sion.

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Comments

  1. Matt24 February 2023 at 10:25

    Unfortunately some people still don't realize or don't want to realize how the climate has changed and is changing. It's clear all over the world and the weather is changing and it will only get worse. We all need to try and do better by Mother Nature or we will probably be wiped out at some point.

    ReplyDelete
    Replies
    1. Patrick24 February 2023 at 11:14

      Some people just don't care. They only care about today and their own wellbeing. They don't think about others, their kids or grandkids. And some of these people are leading us. That is why we are here.

      Delete
  2. Brian24 February 2023 at 13:56

    I don't know why Maspass resigned but I'm glad he did. Not the leader we needed now for the World Bank. I hope Banga can do better.

    ReplyDelete

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