• Latest
  • Trending
  • All
  • Industry
  • Compliance
  • Global Trade
  • Industry
  • Sustainability & Ethics
  • Video
  • Security & Risk
An aerial view of a solar farm in the countryside, showcasing sustainable development and contributing to combating climate change.

Ajay Banga Begins Tenure as World Bank President with Focus on Development and Climate

06/02/2023
The Allied Founders Celebrates Over 5 Decades of Excellence in Cast Iron Manufacturing and Global Export

The Allied Founders Pvt Ltd Nominated for Go Global Awards 2025

06/24/2025
The Allied Founders Celebrates Over 5 Decades of Excellence in Cast Iron Manufacturing and Global Export

The Allied Founders Celebrates Over 5 Decades of Excellence in Cast Iron Manufacturing and Global Export

06/24/2025
Comet Web Solutions LLP Nominated for Go Global Awards 2025

Comet Web Solutions Empowers Global Businesses and Individuals with Digital Innovation and Visa Expertise

06/24/2025
Comet Web Solutions LLP Nominated for Go Global Awards 2025

Comet Web Solutions LLP Nominated for Go Global Awards 2025

06/24/2025
CloudFirst Technology Private Limited Nominated for Go Global Awards 2025

CloudFirst Technology: Pioneering Cloud Innovation with Global Impact

06/24/2025
CloudFirst Technology Private Limited Nominated for Go Global Awards 2025

CloudFirst Technology Private Limited Nominated for Go Global Awards 2025

06/24/2025
UK Private Sector Growth Shows Modest Recovery Amid Ongoing Tariff Pressures

UK Private Sector Growth Shows Modest Recovery Amid Ongoing Tariff Pressures

06/23/2025
3rd Dairy Market Innovation Asia Pacific Summit 2025

Be Part of the 3rd Dairy Market Innovation Asia Pacific Summit 2025

06/20/2025
S.K.Singhi & Partners LLP Expands Global Legal Reach with LEXITS Platform and International Recognition

S.K.Singhi & Partners LLP Nominated for Go Global Awards 2025

06/19/2025
S.K.Singhi & Partners LLP Expands Global Legal Reach with LEXITS Platform and International Recognition

S.K.Singhi & Partners LLP Expands Global Legal Reach with LEXITS Platform and International Recognition

06/19/2025
Assist Export Bridges Global Markets with Strategic Trade and Consultancy Solutions

Assist Export Nominated for Go Global Awards 2025

06/19/2025
Assist Export Bridges Global Markets with Strategic Trade and Consultancy Solutions

Assist Export Bridges Global Markets with Strategic Trade and Consultancy Solutions

06/19/2025
supplychainreport
Wednesday, June 25, 2025
  • Home
  • Industry
    • Supply Chain
    • Logistics & Transportation
    • Importing & Exporting
    • Manufacturing
    • Warehousing & Distribution
  • Compliance
    • Supply Chain Transparency
    • Anti-Money Laundering (AML)
    • Know Your Customer (KYC)
    • Risk Management
    • Export Controls
    • Sanctions
  • Global Trade
    • Market Trends
    • Economic Indicators
    • Sourcing
    • Trade Policies
    • International Relations
    • Trade Agreements
    • Tariffs & Duties
    • Import/Export Statistics
  • Luxury Goods
  • Industry
    • Blockchain in Supply Chain
    • Importing & Exporting
    • Automation & Robotics
    • Artificial Intelligence in Trade
    • Data & Analytics
  • Sustainability & Ethics
    • Green Supply Chains
    • Sustainable Logistics
    • Ethical Sourcing
    • Corporate Social Responsibility
    • Environmental Policies
  • Security & Risk
    • Cybersecurity in Trade
    • Fraud & Scams
    • Risk Mitigation
    • Security Protocols
    • Data Protection
  • ITC News
    • ITC Featured Members
    • ITC Business Councils Highlights
  • Events
    • Upcoming Conferences
    • Upcoming FREE Educational Webinars
No Result
View All Result
supplychainreport
No Result
View All Result

Ajay Banga Begins Tenure as World Bank President with Focus on Development and Climate

by Richie
06/02/2023
in Global Trade, Trade Policies

YOU MAY ALSO LIKE

Tariffs Lowered in New UK-U.S. Trade Agreement

U.S. Signs Order to Implement Partial Tariff Reductions on UK Imports

Ajay Banga, the new president of the World Bank, has initiated his leadership by emphasizing the need for the institution to intensify its focus on development and climate change initiatives. On his first day, Banga, who previously served as the CEO of Mastercard, communicated his vision to the World Bank’s 16,000 staff members, encouraging them to strive towards a poverty-free world on a sustainable planet.

In a memo, Banga expressed the necessity for the World Bank to adapt and maximize resources to confront global challenges effectively. He emphasized the importance of creative thinking, informed risk-taking, and forging partnerships with civil society and other multilateral institutions.

Highlighting the need for greater efficiency, Banga pointed out the lengthy process for project financing approval, which can extend up to three years. He described this as overly elaborate, leading to a loss of time and eroding staff ambition, contributing to a trust deficit among developing nations.

During a meeting with U.S. Treasury Secretary Janet Yellen, Banga discussed the importance of leveraging the bank’s balance sheet and mobilizing more private capital. Yellen has been advocating for the World Bank and other multilateral lenders to evolve beyond traditional country-specific project loans to address broader global issues such as climate change, pandemics, and food security, while maintaining their primary poverty reduction mission.

Banga emphasized the World Bank’s crucial role in leading efforts to address development and climate challenges. He underscored the necessity for collective action, calling for all divisions of the World Bank to collaborate in providing solutions to global needs.

Appointed for a five-year term by the World Bank’s board of governors and nominated by U.S. President Joe Biden, Banga was the sole candidate for the position. He succeeds David Malpass, who had been criticized for his personal views on global warming, despite increasing the bank’s climate finance to $32 billion last year.

Climate and development groups have welcomed Banga’s appointment, presenting demands for the World Bank to cease financing fossil fuel projects and to take more decisive actions in debt cancellation for poorer countries.

Kevin Gallagher, director of Boston University’s Global Development Policy Center, highlighted Banga’s immediate tasks, including boosting staff morale and implementing reforms to enhance lending resources. Gallagher emphasized the urgency for the World Bank under Banga’s leadership to meet sustainable development goals and commitments under the Paris climate agreement, noting that a significant increase in resources and capital is essential for these objectives.

Stay informed on supply chain news at The Supply Chain Report. Free international trade tools are at ADAMftd.com.

#AjayBanga #WorldBank #Leadership #ClimateChange #DevelopmentInitiatives #SustainablePlanet #GlobalChallenges #CreativeThinking #RiskTaking #Partnerships #ProjectFinancing #Efficiency #PrivateCapital #PovertyReduction #ClimateFinance #CollectiveAction #GlobalNeeds #BostonUniversity #GlobalDevelopmentPolicyCenter #SustainableDevelopmentGoals #ParisClimateAgreement

ShareTweet

Subscribe Our Newsletter

Share Your News

Whether it’s a groundbreaking achievement, a heartwarming tale, or an insightful perspective, we want to hear it. Share your news with us, and let’s amplify your voice in the digital symphony of stories.

Submit

A man is riding a bike on a hill.

The Supply Chain Report is your essential daily news website, serving as a trusted source for comprehensive coverage of the complex and ever-evolving global supply chain dynamics. Our expert team delves into the intricacies of international trade, manufacturing, logistics, importing, exporting, and supply chain management; providing in-depth analysis and up-to-date news on the latest trends, disruptions, and technological advancements affecting industries worldwide. From detailed reports on international trade through to insights into procurement strategies and inventory management, we offer valuable content that helps professionals stay informed and make knowledgeable decisions in a fast-paced market.

Each day, we bring you cutting-edge news and expert commentary that dissect significant international trade and supply chain issues Our coverage spans a wide array of sectors including manufacturing, retail, healthcare, food, consumer goods, and technology, ensuring that no matter your field, you have the strategic information needed to navigate the challenges and opportunities of today’s supply chain landscape. By synthesizing complex data and presenting actionable insights, The Supply Chain Report empowers business leaders, policymakers, and logistics professionals to optimize their operations and drive forward with confidence in an interconnected world.

Connect With Us

  • About
  • Events
  • Privacy Policy
  • Contact Us

© 2024 International Centre for Trade Transparency Limited. Incorporated in the United Kingdom.

No Result
View All Result
  • Home
  • Industry
    • Supply Chain
    • Logistics & Transportation
    • Importing & Exporting
    • Manufacturing
    • Warehousing & Distribution
  • Compliance
    • Supply Chain Transparency
    • Anti-Money Laundering (AML)
    • Know Your Customer (KYC)
    • Risk Management
    • Export Controls
    • Sanctions
  • Global Trade
    • Market Trends
    • Economic Indicators
    • Sourcing
    • Trade Policies
    • International Relations
    • Trade Agreements
    • Tariffs & Duties
    • Import/Export Statistics
  • Luxury Goods
  • Industry
    • Blockchain in Supply Chain
    • Importing & Exporting
    • Automation & Robotics
    • Artificial Intelligence in Trade
    • Data & Analytics
  • Sustainability & Ethics
    • Green Supply Chains
    • Sustainable Logistics
    • Ethical Sourcing
    • Corporate Social Responsibility
    • Environmental Policies
  • Security & Risk
    • Cybersecurity in Trade
    • Fraud & Scams
    • Risk Mitigation
    • Security Protocols
    • Data Protection
  • ITC News
    • ITC Featured Members
    • ITC Business Councils Highlights
  • Events
    • Upcoming Conferences
    • Upcoming FREE Educational Webinars

© 2024 International Centre for Trade Transparency Limited. Incorporated in the United Kingdom.