Home Politics Ajay Banga, The US nominee to be president of the World Bank

Ajay Banga, The US nominee to be president of the World Bank


By Homi Kharas

The nomination of Ajay Banga as the U.S. candidate for World Bank president is welcome news. If history is any guide, Mr. Banga will be elected, maybe unanimously, as the next World Bank president. His nomination, therefore, carries considerable import. It suggests that the Biden administration seriously believes the World Bank should:

  • Scale up financial support to all clients—low-income countries (LICs), lower-middle-income countries (LMICs), upper-middle-income countries (UMICs), vulnerable countries, and countries facing fragility and conflict.
  • Develop a new growth vision, narrative, and operational package that can simultaneously deliver on internationally agreed climate and development goals.
  • Support national governments in developing cooperative multilateral partnerships with other official financing institutions and private investors to deliver systemic change.


One of the most urgent tasks facing the new president is to navigate complex financial waters. The founding World Bank agency—the International Bank for Reconstruction and Development (IBRD)—has successfully used leverage to finance its operations. Since 1946, shareholders have contributed $20.5 billion in paid-in capital,…

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