Saudi Press

Saudi Arabia and the world
Sunday, Aug 24, 2025

Need Revamp Of Development Model, Says US Candidate For World Bank

Need Revamp Of Development Model, Says US Candidate For World Bank

The United States' candidate to head the World Bank, Ajay Banga, on Wednesday called for a revamp of the development model to better meet the challenge of climate change.
The United States' candidate to head the World Bank, Ajay Banga, on Wednesday called for a revamp of the development model to better meet the challenge of climate change.

Mr Banga, who is on a trip to Kenya, said the world cannot continue to "pursue the prior model of (an) emission heavy growth system," and rallied for adaptation.

"We cannot afford it, our children cannot afford it," he told reporters in Nairobi.

The 63-year-old Indian American was last month nominated by US President Joe Biden to head the global lender after its current chief David Malpass announced plans to step down early.

The nomination comes amid a push for development lenders to revamp and address global problems like environmental issues more effectively.

Mr Banga is currently serving as vice chairman at equity firm General Atlantic and was previously chief executive at Mastercard.

David Malpass had been accused by former US vice president Al Gore of being a climate skeptic and of not having being able to strengthen the financing of climate projects in developing nations.

Faced with global warming, "we must do more on adaptation," Mr Banga said, urging partnerships with the private sector.

The World Bank last month began accepting candidate nominations in a process set to run until March 29, with the bank saying that women contenders would be "strongly" encouraged.

'Champion of equality'

Mr Banga, a Sikh who was born and raised in India, is so far the only declared candidate and has received the support of several countries including India, Kenya and Ghana.

"I am not a woman but I do bring a lot of diversity."

"I am a champion of equality not just of gender, of ethnicity, of sexual orientation, of where you grew up, I don't care about all that, what I care about is what you do, and I am an example of that myself," he added.

Kenya is Ajay Banga's second stop on a global tour after Ivory Coast.

He is planning to meet officials in Europe and parts of Asia including China, India and Japan, as well as Latin America in the coming weeks.

The US nominee has drawn criticism over his corporate background and gender.

"We don't need another World Bank president who will further corporate interests like fossil fuel and industrial agriculture," Friends of the Earth said last month.

The president of the World Bank is typically American, while the leader of the International Monetary Fund is customarily European.

The United States is the World Bank's largest shareholder.

Last month, Mr Malpass said he would step down nearly a year early, ending a tenure that has been clouded by questions over his climate stance.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
More Than Half a Million Evacuated as Typhoon Kajiki Heads for Vietnam
HSBC Switzerland Ends Relationships with Over 1,000 Clients from Saudi Arabia, Lebanon, Qatar, and Egypt
Sharia Law Made Legally Binding in Austria Despite Warnings Over 'Incompatible' Values
Dogfights in the Skies: Airbus on Track to Overtake Boeing and Claim Aviation Supremacy
Tim Cook Promises an AI Revolution at Apple: "One of the Most Significant Technologies of Our Generation"
Are AI Data Centres the Infrastructure of the Future or the Next Crisis?
Miles Worth Billions: How Airlines Generate Huge Profits
Zelenskyy Returns to White House Flanked by European Allies as Trump Pressures Land-Swap Deal with Putin
Beijing is moving into gold and other assets, diversifying away from the dollar
Cristiano Ronaldo Makes Surprise Stop at New Hong Kong Museum
Zelenskyy to Visit Washington after Trump–Putin Summit Yields No Agreement
High-Stakes Trump-Putin Summit on Ukraine Underway in Alaska
Iranian Protection Offers Chinese Vehicle Shipments a Cost Advantage over Japanese and Korean Makers
Saudi Arabia accelerates renewables to curb domestic oil use
Cristiano Ronaldo and Georgina Rodríguez announce engagement
Asia-Pacific dominates world’s busiest flight routes, with South Korea’s Jeju–Seoul corridor leading global rankings
Private Welsh island with 19th-century fort listed for sale at over £3 million
Sam Altman challenges Elon Musk with plans for Neuralink rival
Australia to Recognize the State of Palestine at UN Assembly
The Collapse of the Programmer Dream: AI Experts Now the Real High-Earners
Armenia and Azerbaijan to Sign US-Brokered Framework Agreement for Nakhchivan Corridor
British Labour Government Utilizes Counter-Terrorism Tools for Social Media Monitoring Against Legitimate Critics
WhatsApp Deletes 6.8 Million Scam Accounts Amid Rising Global Fraud
Nine people have been hospitalized and dozens of salmonella cases have been reported after an outbreak of infections linked to certain brands of pistachios and pistachio-containing products, according to the Public Health Agency of Canada
Texas Residents Face Water Restrictions While AI Data Centers Consume Millions of Gallons
Tariffs, AI, and the Shifting U.S. Macro Landscape: Navigating a New Economic Regime
India Rejects U.S. Tariff Threat, Defends Russian Oil Purchases
United States Establishes Strategic Bitcoin Reserve and Digital Asset Stockpile
Thousands of Private ChatGPT Conversations Accidentally Indexed by Google
China Tightens Mineral Controls, Curtailing Critical Inputs for Western Defence Contractors
OpenAI’s Bold Bet: Teaching AI to Think, Not Just Chat
BP’s Largest Oil and Gas Find in 25 Years Uncovered Offshore Brazil
JPMorgan and Coinbase Unveil Partnership to Let Chase Cardholders Buy Crypto Directly
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
WhatsApp Users Targeted in New Scam Involving Account Takeovers
Trump Deploys Nuclear Submarines After Threats from Former Russian President Medvedev
Germany’s Economic Breakdown and the Return of Militarization: From Industrial Collapse to a New Offensive Strategy
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
×