African Development Bank Group President Dr. Akinwumi Adesina has congratulated former MasterCard CEO Ajay Banga on his election as the head of the World Bank Group and said he looks forward to working with him to address current global challenges, including climate change. Eager to work.
The Board of Governors of the World Bank on Wednesday confirmed Banga (63) as its 14th member for a five-year term.th As president from June 2, he will replace David Malpass, who announced his resignation last February.
Adesina said: “Congratulations, my dear friend Ajay Banga, on your confirmation as President of the World Bank Group – I look forward to working together to deliver greater impact for Africa and the world.”
Banga’s election comes at a critical moment of overlapping global challenges marked by the looming debt crisis in low- and middle-income countries, particularly in Africa, which is being threatened by climate change, the COVID-19 pandemic, and disruptions in food and energy markets. Heavily affected by disruption. Russia’s invasion of Ukraine.
Following his nomination for the World Bank job, Banga undertook a global tour in March. He first stopped at the African Development Bank Group’s headquarters in Abidjan, where he met with Adesina and advocated a stronger partnership with the continent’s premier development institution.
During that meeting, Banga and Adesina agreed to work together to deliver transformative results for Africa. He also highlighted the role of the private sector in mobilizing the capital resources needed for significant economic development.
Banga highlighted three global issues which he said were of vital concern to him; inequality; the tension between humanity and nature; and a tendency to apply short-term solutions to long-term problems that only lead to worse results.
He acknowledged that the world’s challenges have become complex due to the impact of the COVID-19 pandemic, environmental degradation and the Russia-Ukraine war.
click here for Press release Banga’s visit to the African Development Bank in March.
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