WASHINGTON: US President Joe Biden on Thursday nominated 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 after months of controversy over his views on climate change and pressure by Treasury Secretary Janet Yellen for him to adopt “bolder and more imaginative” reforms.
Scott Morris, a senior fellow at the Center for Global Development and a former US Treasury official, said: “I think the speed of the nomination, less than 48 hours after the WB board launched the process, reflects a desire to discourage any challengers and wrap it up quickly.” 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.
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