Ajay Banga, U.S. President Joe Biden's pick to run the World Bank, will face a tough slate of issues around the institution's finances and capital structure from the get-go, thorny problems he must address as he reshapes the bank into a force for combating climate change on top of its traditional role as a poverty fighter.
Even before he takes office, the former Mastercard Inc chief is expected to start working his numerous constituencies as early as April when top officials meet in Washington at the World Bank and International Monetary Fund's spring meetings. Member countries are expected to approve initial moves to stretch the bank's balance sheet to free up more funds for climate projects, pandemic preparedness and other priorities.
Biden administration officials touted Banga's decades of experience building global companies and public-private partnerships to fund responses to climate change and migration. Before an increase can even be considered, U.S. officials say changes in World Bank debt-to-equity ratios and other rules could free up more funds for the climate fight, given the reluctance of a politically divided U.S. Congress to appropriate more funds in a direct capital increase.
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