World Bank's Banga faces pressure on resources, shareholder schisms
© Reuters. FILE PHOTO: Ajay Banga, World Bank president, participates in global infrastructure and investment forum in New York, Thursday, Sept. 21, 2023. Seth Wenig/Pool via REUTERS/File PhotoMARRAKECH, Morocco - World Bank President Ajay Banga will come under pressure this week to focus on climate change, but the former Mastercard annual meetings.
Banga, however, has said the major step from the meetings in Morocco will be the long-awaited shareholder endorsement of modifying the bank's anti-poverty mission statement. "I'm very skeptical that there's going to be a big step forward on the size of the institution in Marrakech," said Clemence Landers, a former U.S. Treasury official now with the Center for Global Development in Washington.
But no other major shareholders have joined the U.S. move, which is viewed as a more palatable alternative for U.S. lawmakers to a general capital increase as this would likely lead to a bigger Chinese shareholding at the bank. Banga has said the move is complex and will take time to negotiate. But the payoff could be huge, with the Rockefeller Foundation estimating a lending increase of some $900 billion over a decade if ratings agencies modified their evaluations.
"He is shaking things up," said a senior official at the U.S. Treasury, which nominated him for the job.
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