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Ajay Banga, new president of the World Bank, will visit Peru at the start of his world tour

Ajay Banga, new president of the World Bank, will visit Peru at the start of his world tour

The new president of the World Bank Group, Ajay Bangawill visit Peru and Jamaica next week, kicking off a months-long world tour aimed at accelerating the global lender’s evolution to tackle the climate crisis and reinvigorate its development mission, the organization said Thursday.

Banga, a former Mastercard chief executive who took up his new role on Friday, will visit countries in all regions where the World Bank operates through December 2023, the bank said in a statement. He will work to identify barriers to private sector investment, find opportunities to maximize the bank’s impact and deepen ties between the institution and the countries it serves, he added.

banga will also work forreimagining strategic partnerships” with other multilateral lenders and development organizations, and will be accompanied at the stage of Peru and Jamaica by the president of the Inter-American Development Bank (IDB), Ilan Goldfajn.

The two leaders will explore opportunities for further collaboration and coordination to maximize our joint impact for people.”, declared the world Bank.

banga faces pressure to expand the World Bank’s lending capacity and revamp its business model, with the United States and other big shareholders pressing it to expand its anti-poverty mission to combat climate change, pandemics, food insecurity , fragility and other global crises.

US Treasury Secretary Janet Yellen last week urged banga to “obtain the most of it” of the balance of world Bank and mobilize more private capital to finance the clean energy transition in developing countries, an effort that will require trillions of dollars a year in new investment.

This month, banga will participate in theSummit for a New Global Financial Pact”, a conference to be held in Paris with a particular focus on the evolution of multilateral development lenders and improving development outcomes.

On his first day in office, banga asked the 16,000 lender employees that “they will redouble” their development and climate efforts, to think more creatively and that “write a new playbook” for the institution, founded in 1944.

banga He also said the bank needed to drastically reduce the approval time for financing projects, which currently can take up to three years. He affirmed that this situation costs countries valuable years of development and contributes to a “trust deficit” In the institution.

The aspirations of people around the world are universal: people are eager to work and want a better life for their children and grandchildren.“, said banga in a statement announcing his tour. “However, the challenges are very diverse and countries experience them differently. The World Bank Group must reach all of them, and we need a new playbook to do that. That’s the road we’re on”.

The travel plans of banga over the next seven months they will take you to small island states in the Pacific and to countries in Africa, the Middle East, Asia, Europe and Latin America and the Caribbean, reported the World Bank.

Source: Reuters

Source: Gestion

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