World Bank President, Ajay Banga wants to focus on improving the development lender so that he can earn the right to press member countries for more capital, as the new chief looks to expand its role in fighting climate change, pandemics and other crises.

World Bank President, Ajay Banga wants to focus on improving the development lender so that he can earn the right to press member countries for more capital, as the new chief looks to expand its role in fighting climate change, pandemics and other crises.

Banga said he would wait to seek a capital increase until he has made progress re-focusing the bank’s development lending on more impactful projects, made it more nimble and boosted lending with its existing balance sheet.

United States Treasury Secretary Janet Yellen ruled out a capital increase in March, but international development experts say that annual clean energy transition financing needs in the trillions of dollars, will require more capital for the World Bank and massive funding from the private sector.

You May Also Like

Leave a Reply