London Daily

Focus on the big picture.
Tuesday, Mar 11, 2025

Need Revamp Of Development Model, Says US Candidate For World Bank

Need Revamp Of Development Model, Says US Candidate For World Bank

The United States' candidate to head the World Bank, Ajay Banga, on Wednesday called for a revamp of the development model to better meet the challenge of climate change.
The United States' candidate to head the World Bank, Ajay Banga, on Wednesday called for a revamp of the development model to better meet the challenge of climate change.

Mr Banga, who is on a trip to Kenya, said the world cannot continue to "pursue the prior model of (an) emission heavy growth system," and rallied for adaptation.

"We cannot afford it, our children cannot afford it," he told reporters in Nairobi.

The 63-year-old Indian American was last month nominated by US President Joe Biden to head the global lender after its current chief David Malpass announced plans to step down early.

The nomination comes amid a push for development lenders to revamp and address global problems like environmental issues more effectively.

Mr Banga is currently serving as vice chairman at equity firm General Atlantic and was previously chief executive at Mastercard.

David Malpass had been accused by former US vice president Al Gore of being a climate skeptic and of not having being able to strengthen the financing of climate projects in developing nations.

Faced with global warming, "we must do more on adaptation," Mr Banga said, urging partnerships with the private sector.

The World Bank last month began accepting candidate nominations in a process set to run until March 29, with the bank saying that women contenders would be "strongly" encouraged.

'Champion of equality'

Mr Banga, a Sikh who was born and raised in India, is so far the only declared candidate and has received the support of several countries including India, Kenya and Ghana.

"I am not a woman but I do bring a lot of diversity."

"I am a champion of equality not just of gender, of ethnicity, of sexual orientation, of where you grew up, I don't care about all that, what I care about is what you do, and I am an example of that myself," he added.

Kenya is Ajay Banga's second stop on a global tour after Ivory Coast.

He is planning to meet officials in Europe and parts of Asia including China, India and Japan, as well as Latin America in the coming weeks.

The US nominee has drawn criticism over his corporate background and gender.

"We don't need another World Bank president who will further corporate interests like fossil fuel and industrial agriculture," Friends of the Earth said last month.

The president of the World Bank is typically American, while the leader of the International Monetary Fund is customarily European.

The United States is the World Bank's largest shareholder.

Last month, Mr Malpass said he would step down nearly a year early, ending a tenure that has been clouded by questions over his climate stance.
Comments

Oh ya 2 year ago
Proof every day that the world is going to hell in a handbasket. Now they say they need a women to run this the same as a luggage theft to run nuke waste and buttplug to run trains. How about just hiring the most qualified person?

Newsletter

Related Articles

0:00
0:00
Close
Mark Carney Chosen as Head of Canada's Liberal Party, Poised to Assume Role of Prime Minister
Russia Kicks Out British Diplomats in Escalated Tensions
Significant Rescue Effort in Progress Following Collision Between Tanker and Cargo Ship in the North Sea
Pope Francis Exhibits Signs of Recovery, Yet Remains Hospitalized
Report of Radioactive Coolant Leak at Europe’s Largest Nuclear Reactor
Trump Administration Launches Self-Deportation App for Undocumented Immigrants
Syria Wraps Up Military Campaign Amid Extensive Violence and Large-Scale Executions
Trump Remarks on the Arrest of a Pro-Palestinian Student at Columbia University
Former Labour MP Mike Amesbury to Resign Following Assault Conviction
Chancellor Rachel Reeves Prepares for Spring Statement Amid Economic Challenges
Home Secretary Denies Public Inquiry into Sir David Amess's Murder
UK Energy Bills to Increase by 80 Pence to Support Discounts for Households Near Pylons
Russian Teacher Under Investigation After Explicit Content Incident in Classroom
Poland Plans Comprehensive Military Training for All Adult Males Amid Enhanced Defense Initiatives
Lithuania Withdraws from Cluster Munitions Convention Amid Security Concerns
Escalating Vandalism Targets Tesla Amid Political Controversies
Former Security Adviser Cautions That UK Troop Presence in Ukraine May Last for Years
Demonstrations Break Out as Individual Ascends Big Ben Carrying Palestinian Flag
Reform UK MP Rupert Lowe Suspended Amid Allegations of Violence and Bullying
Private spacecraft Athena has successfully landed close to the Moon's south pole.
Trump Administration Unveils Gold Card Visa Program Exempting Foreign Assets from U.S. Taxation
Trump Holds White House Summit for Cryptocurrency Leaders Amid Financial Scandals
Ukraine's Foreign Minister Highlights the Importance of the US in Attaining Peace
Trump Discovers Negotiating with Russia More Manageable than with Ukraine During Ongoing Conflict
Google Eliminates Women's History Month and Various Cultural Celebrations from Calendar App
Pope Francis Offers Thanks Despite Continuing Health Issues
King Charles III Reveals Curated Playlist on Apple Music in Anticipation of Commonwealth Day.
Disney's Biggest Cruise Ship Set to Debut in Singapore
Pamela Bach-Hasselhoff, the former 'Baywatch' star, tragically took her own life at the age of 62.
NYPD Detective Encounters Criticism for Viral Music Video Appearance
Trinity College Dublin Honors Eavan Boland by Naming a Building After Her, Signifying a Landmark Achievement
Ex-UK Ambassador Cautions Against a Significant Change in US-UK Relations.
UK Government Confirms Prohibition on Issuing New North Sea Drilling Licences During Shift to Clean Energy
Macron Cautions Against Growing Russian Aggression as U.S. Support for Ukraine Evolves
Trump Offers Short-Term Tariff Waiver to Automakers During Trade Strains
Tesla's UK Sales Increase Despite a Wider European Decline and CEO's Political Engagement
Court Rejects Elon Musk's Request to Block OpenAI's Shift to For-Profit, Accelerates Trial Schedule
Global Scam Operation Takes Advantage of Phony Celebrity Promotions to Swindle Thousands
Assurances from Barclays Chairman Postponed Investigation into CEO's Connections with Jeffrey Epstein
Bank of England Cautions of 'Significant' Risk to UK Economy Due to US Trade Policies
Trump Emphasizes Peace Initiatives and Trade Strategies in Recent Address to Congress
US Administration Dismisses Gaza Reconstruction Plan Proposed by Arab Leaders
Historic Surge in Americans Seeking UK Citizenship Following Trump's Re-election
EU Member States Endorse Gradual Rollout of Entry/Exit System
President Trump Indicates Willingness to Restore U.S.-Ukraine Relations Following Recent Strains
Macron Calls on Europe to Bolster Defense in the Face of Russian Threats and Possible U.S. Withdrawal
Heartbreaking Passing of 20-Year-Old American Bodybuilder Sparks Health Worries
Russia Announces Finalization of Passport Distribution in Occupied Areas of Ukraine.
Macron Contemplates Joint Trip to Washington with Zelensky and the Prime Minister of the UK.
Bank of England Warns of Impacts from U.S. Tariffs on UK Consumers
×