World Bank’s new chief asks staff to ‘double down’ on development

The World Bank’s new president Ajay Banga has asked the lender’s 16,000-person staff to “double down” on development and climate efforts as he seeks to accelerate the bank’s evolution to tackle the most pressing global problems, Report informs referring to AlJazeera.

On his first day on the job, the former Mastercard CEO told staff in a memo seen by Reuters that he would seek to recruit each of them to work towards his vision “to create a world free from poverty on a livable planet”.

“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 said the bank needed to become more efficient, slashing the approval time for financing projects, which can now take up to three years.

“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.

He added this would require “all shoulders to the wheel” and all of the World Bank’s divisions working together to deliver solutions needed by the world.

Banga, 63, was elected to a five-year term as World Bank president by the lender’s board of governors in May.

Nominated by US President Joe Biden, the Indian-born finance and development expert was the sole contender for the job.

He takes over from David Malpass, who came under criticism last year after remarks that raised questions about his personal views on global warming despite doubling the bank’s climate finance during his tenure to $32bn last year.

Climate and development groups welcomed Banga and began presenting demands, including that the bank fully withdraws from financing fossil fuel projects and take stronger action to cancel the debts of poor countries.