THE election of Ajay Banga as new president of the World Bank is being hailed as positive news for the Caribbean and other developing countries.
Banga’s nomination by United States President Joe Biden was approved by a vote of the 25-member World Bank Board of Directors, with only Russia abstaining.
The 63-year-old new World Bank boss is the former CEO of Mastercard with a long, successful history in executive management.
He assumes the post on June 2.
International experts are calling Banga “a change-maker,” who would pay attention to the needs of developing countries.
Following his nomination to the post earlier this year, he met officials of 96 countries.
Banga has become the first Indian to head the organisation.
Biden said Banga would be “a transformative leader… bringing expertise, experience, and innovation” to the position.
US Treasury Secretary Janet Yellen said that Banga “understands the challenges we face – from combating climate change, pandemics, and fragility to eliminating extreme poverty and promoting shared prosperity – are deeply intertwined.
“He has effectively built a broad global coalition around his vision for the bank over the course of his candidacy.”
Banga would face such urgent challenges as poverty, global warming, the Russian-Ukrainian war, and debts by poor countries.
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