U.S. Treasury Secretary Janet Yellen said on Wednesday she expected the U.S. nominee to head the World Bank, former Mastercard CEO Ajay Banga, to be elected as president of the multilateral development bank.
In testimony before a U.S. House of Representatives subcommittee, Yellen said Banga would be charged with helping evolve the institution to better address new challenges.
She added, however, that the United States has not asked for a World Bank capital increase. She said the World Bank can expand lending by stretching its existing resources and by pursuing innovative measures on its balance sheet.Banga, 63, recently completed a three-week world tour to meet government leaders, civil society groups and others in borrowing and donor countries as he campaigned for the bank's top post.
He has won the support of enough other governments to virtually assure his confirmation as World Bank president, including India, Britain, France, Germany, Italy, Japan, Bangladesh, Colombia, Egypt, Ivory Coast, Kenya, Saudi Arabia and South Korea.
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