WASHINGTON, United States -- World Bank President Ajay Banga said Tuesday that he is working to reform 'dysfunctionality' in the boardroom of the development lender, and pledged to refocus its mission to better address the challenges posed by climate change.
WASHINGTON, United States -- World Bank President Ajay Banga said Tuesday that he is working to reform"dysfunctionality" in the boardroom of the development lender, and pledged to refocus its mission to better address the challenges posed by climate change.
He added that he was working to redefine the World Bank's business around what he called five key knowledge"verticals": people, prosperity, planet, infrastructure and digital.Banga, an Indian-born naturalized US citizen, was nominated to lead the World Bank earlier this year by President Joe Biden, and began his new role in June.
On Tuesday, Banga vowed to"fix the plumbing" at the bank, which he said suffered from"dysfunctionality" in the boardroom. This would be a significant increase for the development lender, which mobilized just over $100 billion in financing last year. "We need to focus on 10 countries where the growth of emissions will be so high if we don't change to renewables that all the work we do in the developed world to reduce the use of emission-heavy energy will be lost," he said, without naming them.
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