WASHINGTON — There was no shortage of stressors to the global economy when Ajay Banga took charge at the World Bank almost a year ago: inflation eating at nations drowning in debt, a once-in-a-generation pandemic, climate disasters and Russia's invasion of Ukraine.
Banga highlighted new initiatives being announced at the meetings, including plans to provide 300 million people in Africa with electricity by 2030 and 1.5 billion people worldwide with health care access over the same time frame. President Joe Biden, who nominated Banga, said upon Banga's approval by the bank's board that the ex-Mastercard CEO “would help steer the institution as it evolves and expands to address global challenges that directly affect its core mission of poverty reduction — including climate change.”
Banga said developing nations “feel like they weren’t the ones who created this situation — their energy consumption is still small in proportion to many developed nations." But under the World Bank model, because countries vote on many issues based on an allocated share of stocks in the bank, smaller countries are often limited in decision-making on issues that affect them most.
Another challenge is dealing with powerful shareholders, namely the U.S. and China, as trade tensions have risen. “There are 1.1 billion young people in the Global South who are going to become ready for jobs in the next decade,“ Banga said. ”It's hard to get people productive if you don't give them access to electricity.”A World Bank and U.N. report this month said the cost of the destruction from the Israel-Hamas war had reached roughly $18.5 billion, equivalent to 97% of the combined gross domestic product of the West Bank and Gaza in 2022.
الإمارات العربية المتحدة أحدث الأخبار, الإمارات العربية المتحدة عناوين
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