The World Bank's next president would have to deal with issues surrounding the multilateral lender's finances and capital structure.
, will face a tough slate of issues around the institution’s finances and capital structure from the get-go, thorny problems he must address as he reshapes the bank into a force for combating climate change on top of its traditional role as a poverty fighter.
Even before he takes office, the former Mastercard chief is expected to start working his numerous constituencies as early as April when top officials meet in Washington at the World Bank and International Monetary Fund’s spring meetings. Member countries are expected to approve initial moves to stretch the bank’s balance sheet to free up more funds for climate projects, pandemic preparedness, and other priorities.
“Ajay has proven his ability as a manager of large institutions and understands investment and the mobilization of capital to power the green transition,” said John Kerry, the US special envoy on climate change.An even tougher challenge then awaits Banga in winning a capital increase from member countries.
An independent report prepared for the Group of 20 major economies said changing the way the bank and other multilateral development banks operate could unlock hundreds of billions of dollars in additional funds.
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