World Bank President Ajay Banga poses for a portrait after an interview with The Associated Press, Tuesday, April 16, 2024, at the World Bank in Washington. World Bank President Ajay Banga poses for a portrait after an interview with The Associated Press, Tuesday, April 16, 2024, at the World Bank in Washington. World Bank President Ajay Banga is interviewed by The Associated Press, Tuesday, April 16, 2024, at the World Bank in Washington.
Banga took over after David Malpass resigned as the bank’s president last June following a backlash when Malpass appeared to cast doubt on the science that says the burning of fossil fuels causes global warming. Malpass apologized and said he had misspoken.
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.”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.
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