The World Bank choses a Wall Street CEO to address climate and development challenges

As we learn that Ajay Banga, the former CEO of Mastercard was chosen as the World Bank new President, it will be interesting to learn more about the process for this selection as well as the positive implications for such a bold move. The Bank’s President (this is what practitioners call the Bretton Woods Organization) is chosen by the United States which is the Bretton Woods largest shareholder, while the Bank’s sister organization, the IMF is normally led by a European Managing Director. The second largest shareholder is Europe followed by China.

While many development practitioners and global poverty reduction activists have criticized the selection of a Wall Street leader such as Mr. Banga, time has come for the Bank to be led by a senior professional with strong private sector expertise. What is more, Mr. Banga, Indian born, started his professional career in the Global South forging public and private partnership across digital payment, food and finance sectors.

The Bank needs private sector solutions

When I left the Bank in 2016, after 9 years leading Disaster Risk Management for the Washington DC based organization, the Bank was led by President Kim (a political appointee chosen by President Obama). Under his leadership, the Bank went through…