Ajay Banga, the World Bank’s new president, called on the lender’s 16,000 employees to “double down” on development and climate efforts on Friday to expedite the bank’s evolution to address global issues.
In a memo reviewed by Reuters, the former Mastercard (MA.N) CEO informed colleagues that he would hire them “to create a world free from pov” on his first day.”Making good on our ambition will require us to evolve to maximize resources and write a new playbook, to think creatively, take informed risks and forge new partnerships with civil society and multilateral institutions,” Banga wrote.
He also stated the bank needed to cut the three-year approval time for financing projects.
“The process is overly elaborate and subject to multiple review mechanisms that not only cost valuable years but erode staff ambition,” he said, adding to a “trust deficit” among developing countries. On a habitable world.”
The Treasury said Banga met Thursday with U.S. Treasury Secretary Janet Yellen, who advised him to “get the most out of the bank’s balance sheet” and mobilize more private capital.
Last year, Yellen urged the World Bank and other multilateral lenders to rethink their business models and drastically increase funding to confront climate change, pandemics, food security, and other global challenges.
Though she has asked they continue their basic purpose to eradicate poverty, this would shift development lenders beyond the country-specific project loans they have pursued for decades.
Banga wrote in his memo that trillions of dollars were needed to combat climate change and fragility, build human capital, and fight inequality in health, education, and financial access.
Humanity and the world face a critical moment. “The World Bank Group is being asked to lead, double down on development and climate efforts, and deliver even more impact and results,” he said.
This would require “all shoulders to the wheel” and all World Bank departments working together to provide global answers.
In May, the World Bank’s board of governors appointed Banga, 63, president for five years. Indian-born finance and development expert Joe Biden nominated him.
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