More than 34,000 people have been killed in the Palestinian territory since war broke out
world1 day ago
US President Joe Biden said Thursday that Washington is nominating former Mastercard chief executive Ajay Banga to lead the World Bank, after its current chief David Malpass announced plans to step down early.
The development lender has just started accepting candidate nominations in a process set to run until March 29, with the bank saying women candidates would be "strongly" encouraged.
The president of the World Bank is typically American, while the head of the International Monetary Fund is customarily European. Banga, 63, is Indian-American and currently serving as vice chairman at equity firm General Atlantic.
He was previously chief executive officer at Mastercard.
Banga has "critical experience mobilizing public-private resources to tackle the most urgent challenges of our time, including climate change," said Biden in a statement.
His nomination comes amid a push for development lenders to revamp and address global problems like environmental issues more effectively.
US Treasury Secretary Janet Yellen earlier said that lenders' core models, where countries borrow to make specific investments addressing developmental constraints, is "insufficient to meet the moment."
The United States is the World Bank's largest shareholder.
ALSO READ:
More than 34,000 people have been killed in the Palestinian territory since war broke out
world1 day ago
Protest organizers deny accusations of anti-Semitism, arguing that their actions are aimed at the Israeli government
world2 days ago
UK foreign secretary says the proposal includes 40-day pause in fighting and release of thousands of Palestinian prisoners and Israeli hostages
world2 days ago
The students' demands range from a ceasefire in Israel's war with Hamas to calls for universities to stop investing in Israeli enterprises
world3 days ago
Prior to halting operations, WCK had distributed more than 43 million meals in Gaza since October
world3 days ago
Freshly rested Ukrainian brigades were being rotated in those areas to replace units that had suffered losses
world3 days ago
This was following a Reuters report that some senior US officials did not find Israel's assurances credible
world3 days ago
Due to the recent holidays to mark Ramadan and Eid al-Fitr, students received extended leave, including for the heat alert
world3 days ago