Ajay Banga, the newly elected president of the World Bank, has called on the institution's staff to intensify their efforts in combating the most pressing global issues. On his first day in office, Banga, the former CEO of Mastercard, sent a memo to the bank's 16,000 employees, outlining his vision of creating a world free from poverty on a livable planet. In order to achieve this ambitious goal, he emphasized the need for an evolutionary approach, resource maximization, and forging new partnerships.
World Bank's New President Emphasizes Urgency in Addressing Global Challenges
During a meeting with U.S. Treasury Secretary Janet Yellen, President Banga received a call to action, urging the World Bank to leverage its balance sheet and mobilize more private capital for climate finance and other global crises. Yellen has been actively pushing for multilateral lenders, including the World Bank, to overhaul their business models and significantly increase lending resources to tackle climate change, pandemics, food security, and other urgent challenges.
US Treasury Secretary Urges World Bank to Address Global Crises
In his memo, President Banga highlighted the necessity of investing trillions of dollars annually to combat climate change, promote human capital development, and address inequalities in health, education, and financial access. He acknowledged the critical moment humanity and the planet currently face and stressed the World Bank's pivotal role in leading the way towards greater impact and results.
To achieve their objectives, Banga emphasized the importance of collaboration across all divisions within the World Bank. He called upon the collective effort of every staff member to deliver the solutions urgently needed by the world.
President Ajay Banga, a U.S. citizen since 2007, was elected to a five-year term as the head of the World Bank in May. His nomination by President Joe Biden marked a departure from the tradition of an American holding the position. Banga's appointment signifies a renewed focus on addressing global challenges and aligning the World Bank's agenda with the priorities of reducing poverty, promoting sustainable development, and mitigating climate change.