Progressive groups that have long advocated for a change in the leadership of the World Bank have decried U.S. President Joe Biden's nomination of a former Wall Street and corporate executive as more of the same at the anti-poverty lender.
Washington's selection of former Mastercard Chief Executive Officer Ajay Banga to be the World Bank’s president was being condemned as a forfeited opportunity to tap a candidate with deep public-sector experience combating economic inequality and climate change.
The World Bank needs a leader "who will prioritize the urgency of the climate crisis, not another big business executive,” said Collin Rees, U.S. program co-manager at Oil Change International, a group that pushes a pivot away from fossil fuels. "Banga’s long career at predatory banks and corporations does not inspire confidence that he would transform the World Bank into an institution that can work for people and the planet.”