Development model needs revamp, US candidate for World Bank Ajay Banga says

The United States’ candidate to head the World Bank, Ajay Banga, called for a revamp of the development model to better meet the challenge of climate change. 

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. 

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 being able to strengthen the financing of climate projects in developing nations. 

Faced with global warming, “we must do more on adaptation,” 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. 

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. 

Image courtesy of (Image courtesy: Mastercard News)

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