London Daily

Focus on the big picture.
Wednesday, Sep 03, 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
Google Avoids Break-Up in U.S. Antitrust Case as Stocks Rise
Couple celebrates 80th wedding anniversary at assisted living facility in Lancaster
Information Warfare in the Age of AI: How Language Models Become Targets and Tools
The White House on LinkedIn Has Changed Their Profile Picture to Donald Trump
"Insulted the Prophet Muhammad": Woman Burned Alive by Angry Mob in Niger State, Nigeria
Trump Responds to Death Rumors – Announces 'Missile City'
Court of Appeal Allows Asylum Seekers to Remain at Essex Hotel Amid Local Tax Boycott Threats
Germany in Turmoil: Ukrainian Teenage Girl Pushed to Death by Illegal Iraqi Migrant
United Krack down on human rights: Graham Linehan Arrested at Heathrow Over Three X Posts, Hospitalised, Released on Bail with Posting Ban
Asian and Middle Eastern Investors Avoid US Markets
Ray Dalio Warns of US Shift to Autocracy
Eurozone Inflation Rises to 2.1% in August
Russia and China Sign New Gas Pipeline Deal
China's Robotics Industry Fuels Export Surge
Suntory Chairman Resigns After Police Probe
Gold Price Hits New All-Time Record
Von der Leyen's Plane Hit by Suspected Russian GPS Interference in an Incident Believed to Be Caused by Russia or by Pro-Peace or by Anti-Corruption European Activists
UK Fintechs Explore Buying US Banks
Greece Suspends 5% of Schools as Birth Rate Drops
Apollo to Launch $5 Billion Sports Investment Vehicle
Bolsonaro Trial Nears Close Amid US-Brazil Tension
European Banks Push for Lower Cross-Border Barriers
Poland's Offshore Wind Sector Attracts Investors
Nvidia Reveals: Two Mystery Customers Account for About 40% of Revenue
Woody Allen: "I Would Be Happy to Direct Trump Again in a Film"
Pickles are the latest craze among Generation Z in the United States.
Deadline Day Delivers Record £125m Isak Move and Donnarumma to City
Nestlé Removes CEO Laurent Freixe Following Undisclosed Relationship with Subordinate
Giuliani Seriously Injured in Accident – Trump to Award Him the Presidential Medal of Freedom
EU is getting aggressive: Four AfD Candidates Die Unexpectedly Ahead of North Rhine-Westphalia Local Elections
Lula and Putin Hold Strategic BRICS Discussions Ahead of Trump–Putin Summit
WhatsApp is rolling out a feature that looks a lot like Telegram.
Investigations Reveal Rise in ‘Sex-for-Rent’ Listings Across Canada Exploiting Vulnerable Tenants
Chinese and Indian Leaders Pursue Amity Amid Global Shifts
European Union Plans for Ukraine Deployment
ECB Warns Against Inflation Complacency
Concerns Over North Cyprus Casino Development
Shipping Companies Look Beyond Chinese Finance
Rural Exodus Fueling European Wildfires
China Hosts Major Security Meeting
Chinese Police Successfully Recover Family's Savings from Livestream Purchases
Germany Marks a Decade Since Migrant Wave with Divisions, Success Stories, and Political Shifts
Liverpool Defeat Arsenal 1–0 with Szoboszlai Free-Kick to Stay Top of Premier League
Prince Harry and King Charles to Meet in First Reunion After 20 Months
Chinese Stock Market Rally Fueled by Domestic Investors
Israeli Airstrike in Yemen Kills Houthi Prime Minister
Ukrainian Nationalist Politician Andriy Parubiy Assassinated in Lviv
Corporate America Cuts Middle Management as Bosses Take On Triple the Workload
Parents Sue OpenAI After Teen’s Death, Alleging ChatGPT Encouraged Suicide
Amazon Faces Lawsuit Over 'Buy' Label on Digital Streaming Content
×