World Bank needs to get 'better', 'bigger': President Ajay Banga
World Bank's new president, Ajay Banga, said Wednesday that the global lender must become «better» and «bigger» to boost its capacity to help developing countries battle climate change, poverty and pandemics.
Banga, who was appointed in June, made his plea at the annual meetings of the IMF and World Bank in the southern Moroccan city of Marrakesh where reform of the Washington-based institutions is a major agenda item.
The former CEO of Mastercard has previously vowed to «fix the plumbing» at the bank, saying it was «dysfunctional» despite a dedicated staff.
Banga said at a press conference on Wednesday that a «deep cultural change» is needed at an «institution that has a proud history and done an amazing job over the last 78 years.»
He noted that countries have to deal with various departments and that it can take 27 months between the time a project is discussed and is finally approved.
«The idea of a better bank is a bank that works better with itself, is more efficient in its own processes,» Banga said.
The Indian-born, naturalised US citizen has vowed to made climate change a top priority after he took over from David Malpass, a former US Treasury official who stepped down early from his five-year term amid questions about his stance on the issue.
Banga wants to redefine the vision of the bank towards «eradicating poverty on a liveable planet».
He said poverty, pandemics and climate change were «almost like a perfect storm» that can no longer be treated separately.
Oscar Soria, campaign director for the non-profit Avaaz, said the IMF and World Bank are not moving fast enough.
«While changes are promised, they are too incremental, timid and slow,» Soria told AFP, adding that countries hit by several crises
