“Ajay is uniquely equipped to lead the World Bank at this critical moment in history," Biden said in a statement. "Raised in India, Ajay has a unique perspective on the opportunities and challenges facing developing countries and how the World Bank can deliver on its ambitious agenda to reduce poverty and expand prosperity.”
"He can really be a force for change," Moreno said, noting that Banga enjoyed the trust of financial markets whose support was urgently needed to help raise the trillions of dollars needed to deal with global challenges.The bank has historically been headed by someone from the United States, its largest shareholder, while a European heads the International Monetary Fund , but developing countries and emerging markets have pushed to widen those choices.
Asked about Washington's decision to skip nominating a woman, the official said Banga had "a personal conviction and excellent track record promoting diversity, equity and inclusion in the work that he does" and would bring that view to the bank. Oxfam International said the next bank president should be chosen through a transparent global process. “The World Bank is not a U.S. bank, a commercial bank, or a private equity firm. For a job of this stature, we need more than a tap on the shoulder from President Biden."
Treasury's Yellen said Banga clearly understood the importance of retooling the bank to help developing countries address climate change, prepare for future pandemics and mitigate the causes and consequences of conflict and fragility.
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