World Bank President Ajay Banga said on Friday he plans to highlight a range of process improvements next week to speed up the development lender's loan...
Investors are watching for the giant banks to demonstrate how they benefit if interest rates remain higher than expected this yearWASHINGTON - World Bank President Ajay Banga said on Friday he plans to highlight a range of process improvements next week to speed up the development lender's loan approvals , improve the accountability of its 16,000 employees and attract private capital to projects.
Banga, a former MasterCard CEO who took over the helm of the World Bank last June, is guiding the lender's expansion of its traditional development and anti-poverty mission to include fighting climate change and other global crises. This requires far greater resources and a major expansion of its lending capacity, which was $128.3 billion in the fiscal year ended June 30, 2023.
Banga said the World Bank will launch a new enterprise-wide platform for loan and insurance guarantees that puts it on a path to more than triple its guarantee issuances to $20 billion by 2030.
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