Will be a transformative leader: Biden on new World Bank chief Ajay Banga

Washington:

Ajay Banga will be a transformational leader, bringing expertise, experience and innovation to the post of World Bank president, US President Joe Biden said as the former CEO of Mastercard was confirmed as the new head of the international financial institution.

Ajay Banga on Wednesday became the first Indian-American to head the bank. “Ajay Banga will be a transformational leader, bringing expertise, experience and innovation to the position of President of the World Bank. And together with the World Bank’s leadership and shareholders, he will help drive the institution forward as it seeks to address global challenges. Develops and expands to impact his core mission of poverty reduction, including climate change, Biden said.

“Ajay will be integral in bringing philanthropy, as well as the public and private sectors together, to bring about a fundamental change in development finance,” the President said, congratulating the person nominated for the next presidency of the World Bank. Approval by the Board of Governors of the Bank.

Treasury Secretary Janet Yellen said Banga will play a key role in spearheading an effort to get the World Bank and other multilateral development banks to refocus their work on global challenges such as climate change to accelerate progress on national development priorities. May be

“His track record of building partnerships between the public sector, private sector and non-profits makes him uniquely prepared to help raise private capital and push for the reforms needed to meet our shared ambitions. In doing so, the World Bank can serve as a Force the multiplier for good by setting the right agenda and catalysing action from across the spectrum,” she said.

After being nominated for the position by Biden, Banga spent the past few months traveling around the world with the World Bank’s diverse shareholder base and stakeholders from both the private and philanthropic sectors, including governments.

“Today’s vote is an indication that he has received broad support from that shareholder base, with resounding approval from shareholders. Ajay himself is a business leader with a vision to create public private partnerships to address financial inclusion and climate change.” Decades of experience leading large global organizations with a senior administration official told reporters.

“We are confident that Ajay is going to play an important role in steering the World Bank to evolve itself to effectively address global challenges such as climate change, pandemics, fragility conflicts, or large scale, and in doing so will continue to serve as President Will help fulfill the vision.” And the priorities have been placed around exactly those goals,” the official said.

“While the World Bank will continue to play an important role in improving the lives of people around the world. I cannot do this alone, and Ajay’s track record of forging partnerships between the public sector and the private sector is unique and well equipped.” Private Capital Help mobilize and push for reforms needed to meet our shared ambition.”

Another senior official told reporters that it is a really good day for the World Bank.

“And it’s really a great day for countries and people who want to partner with the World Bank, especially in these very difficult times for emerging and developing countries. We think he’s the right person for the moment.” Including a very important one. And crying development agenda which can well describe it,” the official said.

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