America has selected Ajay Banga to head the World Bank. With this decision, it is almost certain that Banga will become the new president of this international institution, as the process of filing nominations ended yesterday. However, apart from the US, no country has announced its candidates. The World Bank will no longer allow any member nation to file nominations after they close tomorrow afternoon.
Last month, the current President David Malpass resigned from the post of the World Bank. After this, President Joe Biden declared the former CEO of Mastercard Inc. as the presidential candidate of this international institution. Mr. Banga, 63, was on a global tour of creditor and debtor countries last month to drum up support for his nomination. During this trip he visited China, Kenya and Ivory Coast as well as Britain, Belgium, Panama and his home country India.
Banga will hold special responsibility relating to poverty alleviation lenders. Under this, an amount of about 100 billion dollars is allocated annually. The United States is among countries pushing for reforms of the multilateral development banks to make more climate finance available to developing countries. The responsibility of the main work of this institution has always been given to the candidate of America.
