Biden nominates Banga to head World Bank

Praises Indian-American for forging public-private partnerships

WASHINGTON:

US President Joe Biden on Thursday nominated Indian-American business executive Ajay Banga to become president of the World Bank, lauding his experience forging public-private partnerships to address financial inclusion and climate change.

The World Bank on Wednesday said it expects to select a new president by early May to replace David Malpass, who announced his resignation last week.

Banga’s nomination by the United States all but assures he will assume a job that oversees billions of dollars of funding as the institution embarks on a major series of reforms to better respond to climate change and other pressing challenges facing developing countries.

“Ajay is uniquely equipped to lead the World Bank at this critical moment in history,” Biden said in a statement. “He has spent more than three decades building and managing successful, global companies that create jobs and bring investment to developing economies, and guiding organisations through periods of fundamental change.”

Published in The Express Tribune, February 24^th, 2023.

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