World Bank's new chief asks staff to 'double down' on development, climate efforts | The Business Standard
Skip to main content
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
The Business Standard

Sunday
June 15, 2025

Sign In
Subscribe
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
SUNDAY, JUNE 15, 2025
World Bank's new chief asks staff to 'double down' on development, climate efforts

World+Biz

Reuters
03 June, 2023, 08:45 am
Last modified: 03 June, 2023, 09:31 am

Related News

  • World Bank approves $250m to bolster public sector performance in Bangladesh
  • World Bank approves $250m to bolster public sector performance in Bangladesh
  • Bangladesh's growth forecast unchanged: WB report
  • World Bank slashes global growth forecast as trade tensions bite
  • Bangladesh signs $270 million loan deal with World Bank for flood risk reduction, recovery

World Bank's new chief asks staff to 'double down' on development, climate efforts

Reuters
03 June, 2023, 08:45 am
Last modified: 03 June, 2023, 09:31 am
World Bank President Ajay Banga arrives for his first day of work at World Bank headquarters in Washington, U.S. June 2, 2023. REUTERS/Jonathan Ernst
World Bank President Ajay Banga arrives for his first day of work at World Bank headquarters in Washington, U.S. June 2, 2023. REUTERS/Jonathan Ernst

The World Bank's new president Ajay Banga on Friday asked the lender's 16,000 staff to "double down" on development and climate efforts as he seeks to accelerate the bank's evolution to tackle the most pressing global problems.

On his first day in the job, the former Mastercard CEO told staff in a memo seen by Reuters that he would seek to recruit each of them to work towards his vision "to create a world free from poverty on a livable planet."

"Making good on our ambition will require us to evolve to maximize resources and write a new playbook, to think creatively, take informed risks and forge new partnerships with civil society and multilateral institutions," Banga wrote.

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

He also said the bank needed to become more efficient, slashing the approval time for financing projects, which can now take up to three years.

"The process is overly elaborate and subject to multiple review mechanisms that not only cost valuable years but erode staff ambition," he said, adding to a "trust deficit" among developing countries.

Banga on Thursday met with US Treasury Secretary Janet Yellen, who urged him to "get the most out of the bank's balance sheet" and mobilize more private capital, the Treasury said.

Yellen last year began pressing the World Bank and other multilateral lenders to revamp their business models and dramatically scale up lending resources to address climate change, pandemics, food security and other global crises.

This would move the development lenders beyond the country-specific project loans they have pursued for decades, though she has demanded they maintain their core mission to reduce poverty.

In his memo, which incorporated his statement to the World Bank Executive Board during an April 1 job interview, Banga said annual investments of trillions of dollars were needed to arrest the forces of climate change and fragility, while building up human capital and fighting inequality in health, education, and financial access.

"We are at a critical moment in the arc of humanity and the planet. The World Bank Group is being asked to lead the way, to double down on development and climate efforts and to deliver even more impact and results," he said.

He added this would require "all shoulders to the wheel," and all of the World Bank's divisions working together to deliver solutions needed by the world.

Banga, 63, was elected to a five-year term as World Bank president by the lender's board of governors in May. Nominated by US President Joe Biden, the Indian-born finance and development expert was the sole contender for the job.

CLIMATE DEMANDS

He takes over from David Malpass, who came under criticism last year after remarks that raised questions about his personal views on global warming despite doubling the bank's climate finance during his tenure to $32 billion last year.

Climate and development groups welcomed Banga and began presenting demands, including that the bank fully withdraw from financing fossil fuel projects and take stronger action to cancel the debts of poor countries.

Kevin Gallagher, director of Boston University's Global Development Policy Center, said Banga will first need to restore staff morale at the bank and quickly implement balance sheet reforms to squeeze more lending from existing resources.

"On his watch, the world has to deliver on the sustainable development goals and a big tranche of the Paris climate commitments. There's just no way he can do it without a capital increase and a major increase in resources."

Top News

World Bank / climate action

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Infograph: TBS
    Why 10 economic zones, including BGMEA's garment park, were cancelled
  • Infographic: TBS
    Chattogram Port proposes 70%-100% tariff hike
  • Benjamin Netanyahu in a video-message on 14 June. Photo: Collected
    Israel says attacks on Iran are nothing compared with what is coming

MOST VIEWED

  • Tour operator Borsha Islam. Photo: Collected
    ‘Tour Expert’ admin Borsha Islam arrested over Bandarban tourist deaths
  • Fighter jet. Photo: AFP
    3 F-35 fighter jets downed, two Israeli pilots in custody, claims Iranian media
  • Infographic: TBS
    Chattogram Port proposes 70%-100% tariff hike
  • Vehicles were seen stuck on the Dhaka-Tangail-Jamuna Bridge highway due to a traffic jam stretching 15 kilometres on 14 June 2025. Photo: TBS
    15km traffic jam on Dhaka-Tangail-Jamuna Bridge highway as post-Eid rush continues
  • Ahsan H Mansur. TBS sketch
    BB governor meets global litigation funders to mobilise $100m for tracing stolen assets
  • Burnt out cars and damaged buildings are all that’s left of this street in Ramat Gan Credit: AP
    Iran threatens to strike US, UK, and French bases if they help defend Israel

Related News

  • World Bank approves $250m to bolster public sector performance in Bangladesh
  • World Bank approves $250m to bolster public sector performance in Bangladesh
  • Bangladesh's growth forecast unchanged: WB report
  • World Bank slashes global growth forecast as trade tensions bite
  • Bangladesh signs $270 million loan deal with World Bank for flood risk reduction, recovery

Features

Photos: Collected

Kurtis that make a great office wear

1d | Mode
Among pet birds in the country, lovebirds are the most common, and they are also the most numerous in the haat. Photo: Junayet Rashel

Where feathers meet fortune: How a small pigeon stall became Dhaka’s premiere bird market

3d | Panorama
Illustration: Duniya Jahan/ TBS

Forget Katy Perry, here’s Bangladesh’s Ruthba Yasmin shooting for the moon

4d | Features
File photo of Eid holidaymakers returning to the capital from their country homes/Rajib Dhar

Dhaka: The city we never want to return to, but always do

5d | Features

More Videos from TBS

Israel-Iran conflict: Which way is the global economy turning?

Israel-Iran conflict: Which way is the global economy turning?

11m | TBS World
Which major powers align with whom in the Israel-Iran conflict?

Which major powers align with whom in the Israel-Iran conflict?

10h | Podcast
Israeli attack: Will Iran be inclined to develop nuclear weapons?

Israeli attack: Will Iran be inclined to develop nuclear weapons?

10h | Others
Why Did Israel Use Hellfire Missiles in the Iran Attack?

Why Did Israel Use Hellfire Missiles in the Iran Attack?

11h | Others
EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Advertisement
  • Privacy Policy
  • Comment Policy
Copyright © 2025
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net