World Bank Nominee Banga Backs Lending Expansion and Promises More

The U.S. nominee to run the World Bank, Ajay Banga, said on Wednesday that he supports his predecessor’s proposal to expand the bank’s annual lending capacity by about $5 billion to help tackle climate change and other global challenges, but added that this was only the start of reforms.

Banga, the former CEO of Mastercard and sole contender for the bank’s top job, said in his first major address on his plans for the World Bank’s future that he has high ambitions for reforming the world’s largest development lender, but the effort would take some time.

Source : World Bank Nominee Banga Backs Lending Expansion and Promises More