The incoming president of the World Bank was born in India and forged his early business success there, a fact supporters say gives Ajay Banga valuable insight into the challenges faced by the developing countries the bank is supposed to help.
But not everyone is sure that Banga, who has spent most of the last two decades in the U.S. corporate world, can be counted on to shake up the bank in the way some think it should be.
That came after President Biden, in nominating Banga in February, heralded his “critical experience” dealing with urgent world challenges like climate change, even though his resume shows little to do with climate credentials. Banga will replace David Malpass, a Donald Trump appointee who announced he would step down this June, a year early, after coming under pressure for declining to say whether he agreed with scientific consensus on climate change.
“Growing up in India, Banga will likely understand the issues developing countries face. It is also clear he understands markets around the world,” said Mukherjee, who has worked closely on reforming multilateral development banks. “Whether he will understand the challenges of climate financing and development is still unclear.”
“We are facing multiple crises including climate change, the debt crisis, and the banking crisis. We cannot continue with the same systems that are responsible for these crises,” said Singh. Since moving to the U.S. in the early 2000s, Banga has held prestigious positions in the corporate world, including heading Mastercard and serving as director of Exor and Temasek, large holding companies whose portfolios are diverse and include media companies such as Mediacorp and the Economist as well as automobile companies like Ferrari.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
New India-born World Bank chief: Real change or rebranding?The incoming president of the World Bank was born in India and had his early success in business there.
Read more »
New India-born World Bank chief: Real change or rebranding?The incoming president of the World Bank was born in India and had his early success in business there
Read more »
World Bank chief says Western European countries need to help fund Ukraine reconstructionThe World Bank is ready to do its part in rebuilding Ukraine after the devastation of Russia's invasion, but international financial institutions cannot shoulder the sums involved alone and Western European countries will have to chip in, World Bank President David Malpass said on Tuesday.
Read more »
Wyoming defends crypto-friendly bank charter regime in Custodia Bank's lawsuit with FedWyoming AG Bridget Hill filed a motion to “intervene in the defense” of the state’s regulation of SPDIs, pushing back against claims the Fed made in filings with Custodia Bank.
Read more »
Oman's Ahli Bank disapproves merger offer from Bank DhofarAhli Bank in Oman said on Wednesday its board disapproved a merger offer from Oman's second-biggest lender Bank Dhofar .
Read more »
Stablecoins Need to Be Regulated Like Commercial Bank Money, Bank of England's Andrew Bailey SaysStablecoins should be regulated like commercial bank money, and CBDCs cannot be ruled out, said bankofengland Governor Andrew Bailey, as the country explores the issuance of a digital pound. camomileshumba reports
Read more »