Page 16 - World Bank

US nominee Ajay Banga poised to become World Bank chief unopposed

Indian-American business leader Ajay Banga is poised to become the next President of the World Bank which on Thursday said he is the sole nominee for the post as no other candidates were nominated. The World Bank's Board of Executive Directors will interview Banga before he is formally appointed. In February, President Joe Biden announced that the US would be nominating Banga to lead the World Bank because he is "well equipped" to lead the global institution at "this critical moment in history." The World Bank on Wednesday closed a month-long window for nominations for its next president, with no alternatives announced to 63-year-old Banga. Banga is the only application received for the position of president of the World Bank, the financial institution said. The Board received one nomination and would like to announce that Mr Ajay Banga, a US national, will be considered for the position, the bank said. In accordance with established procedures, the Board of Executive Directors w

Indian-American Ajay Banga poised to become World Bank chief unopposed

Indian-American business leader Ajay Banga is poised to become the next President of the World Bank after the nomination period closed and no country proposed an alternate candidate for the prestigious post. In February, President Joe Biden announced that the US would be nominating Banga to lead the World Bank because he is "well equipped" to lead the global institution at "this critical moment in history." The World Bank on Wednesday closed a month-long window for nominations for its next president, with no alternatives announced to 63-year-old Banga. The former Mastercard Inc. chief, Banga currently serves as Vice Chairman at General Atlantic. The bank's board is expected to announce the next steps in its selection process on Thursday, with a view to confirming a new leader by early May. Over the next few months, you will see the World Bank undergo an important transition. We expect that Ajay Banga President Biden's nominee will be elected President of the World Bank, US Treas

Yellen rejects World Bank capital increase; no challengers to US nominee

"We do want to see better mobilization of private resources alongside World Bank investments as well, but we're not requesting a capital increase at this time," she added

Biden's World Bank pick, Banga poised to win job as sole expected nominee

The former Mastercard Inc. chief executive was tapped by President Joe Biden last month after current president David Malpass announced plans to step down almost a year early

Andhra govt can exceed 2026 education targets, says World Bank official

The Andhra Pradesh government can exceed the targets set for 2026 in the education sector, said World Bank's Country Director, Auguste Tano Kouame. Kouame made these observations after an extensive visit of the state, trying to understand its schemes and programmes in detail. He (Kouame) specifically talked about some segments where targets can be revised upwardspercentage of students in class 4 who will become proficient in mathematics by the end of 2026, said a state government statement on Tuesday night. The World Bank official noted that schools' physical and digital education infrastructure can be improved by revising the targets and also incorporating community audits as well as enhancing leadership quality in headmasters. AP's schemes and programmes are in the correct direction with potential to exceed targets fixed earlier, the statement quoted him as saying. Considering the World Bank official's stamp of approval as a major validation of AP's schemes, the government liste

G-20 sets up an expert panel on multilateral institution reforms

NK Singh, Larry Summers to head the expert group

India needs to boost reforms push to raise potential growth: World Bank

The report said addressing the aftermath of financial sector distress in India could unlock significant growth

World Bank warns of 'lost decade' in global growth without bold policy

The World Bank is also watching developments in the banking sector, which come as rising interest rates and tightening financial conditions drive up the cost of borrowing for developing countriesworld

Ajay Banga tests Covid positive; meetings with PM Modi, others cancelled

US nominee for World Bank president Ajay Banga has tested COVID-19 following which the meetings scheduled during his two-day visit to India have been cancelled. According to a Finance Ministry statement, Banga's meeting with Nirmala Sitharaman would not happen as he is in quarantine. "During routine testing, Ajay Banga tested positive for COVID-19 but remains asymptomatic. In adherence with local guidelines, he is quarantining in isolation," the statement said. Besides meeting with the Union finance minister, Banga was scheduled to meet Prime Minister Narendra Modi, Minister of External Affairs S Jaishankar and top officials during his two-day visit from March 23 to 24. Banga's New Delhi visit is the final stop on his three-week global tour that began in Africa before progressing to Europe, Latin America, and Asia to drum up support for his candidature for the World Bank's top position. In a statement on Wednesday, the US Treasury Department had said, "While in India, Banga will m

IMF, World Bank to convene next sovereign debt roundtable for April 3

The meeting comes amid continued delays in securing debt treatment agreements for Zambia, Ghana, and Ethiopia that US officials and others blame on foot-dragging by China

US pick for World Bank, Ajay Banga to meet PM Modi, Sitharaman in India

These discussions will focus on India's development priorities, the World Bank, and global economic development challenges, the Treasury said in a statement

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World Bank puts cost of rebuilding Ukraine at $411 billion over next decade

A World Bank report released Wednesday puts the cost of Ukraine's recovery and rebuilding from Russia's invasion at $411 billion over the next decade, with the cost of cleaning up the war rubble alone at $5 billion. The report details some of the toll of Russia's war in Ukraine: at least 9,655 civilians confirmed dead, including 461 children; nearly 2 million homes damaged; more than one out of five public health institutions damaged; and 650 ambulances damaged or looted. In all, the World Bank calculated $135 billion in direct damage to buildings and infrastructure so far, not counting broader economic damage. The damage would be even worse if not for the strong defense mounted by the Ukrainian forces, Anna Bjerde, the World Bank vice president for Europe and Central Asia, noted in a call with reporters. She said the worst damage has been confined to the front-line regions of Donetsk, Kharkiv, Luhansk and Kherson. As it is, the World Bank said, Russia's invasion has undone 15 year

World Bank arm IFC to invest Rs 600 cr in M&M's new last-mile mobility firm

Deal values newly incorporated company at Rs 6,020 cr; the investment, which will be in the form of compulsory convertible instruments, will give IFC an ownership of 9.97-13.64% in the enterprise

Opportunity for reforms at World Bank

Ajay Banga, its proposed new chief, must steer the bank into becoming a global institution for climate change and sustainability instead of just another multipurpose development bank

Deepak Bagla resigns as managing director and CEO of Invest India

Bagla was at the helm of Invest India since 2015. Earlier, he had stints at World Bank, Citibank, and private equity firm 3i Group

G20 must give more funds to World Bank for Global South: Rockefeller's Shah

The foundation's president says COP21 Pledge of $100 bn from richer nations hasn't been met and is no longer enough

World Bank pledges $500mn to support Lebanon's agri, vulnerable population

The World Bank announced that it will allocate about $300 million this year to provide social protection to Lebanon's vulnerable population and invest $200 million in the country's agriculture sector.

ICAR announces 1st international conference with World Bank

The conference and exhibition will be inaugurated by Narendra Singh Tomar, Minister of Agriculture & Farmers Welfare

Russia plans to challenge US nominee Ajay Banga to World Bank

Russia remains a voting member of the World Bank, although the bank halted all programs in Russia and Belarus last March