The World Bank's new president Ajay Banga on Friday asked the lender's 16,000 staff to 'double down' on development and climate efforts as he seeks to accelerate the bank's evolution to tackle the most pressing global problems.
World Bank President Ajay Banga arrives for his first day of work at World Bank headquarters in Washington, U.S. June 2, 2023. REUTERS/Jonathan Ernst
"Making good on our ambition will require us to evolve to maximize resources and write a new playbook, to think creatively, take informed risks and forge new partnerships with civil society and multilateral institutions," Banga wrote. Yellen last year began pressing the World Bank and other multilateral lenders to revamp their business models and dramatically scale up lending resources to address climate change, pandemics, food security and other global crises.
In his memo, which incorporated his statement to the World Bank Executive Board during an April 1 job interview, Banga said annual investments of trillions of dollars were needed to arrest the forces of climate change and fragility, while building up human capital and fighting inequality in health, education, and financial access.
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