Biden Nominates Ajay Banga as President of the World Bank

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On February 23, 2023, the White House issued a statement: “Today, President Biden announced that the United States is nominating Ajay Banga, a business leader with extensive experience leading successful organizations in developing countries and forging public-private partnerships to address financial inclusion and climate change, to be President of the World Bank.

Once again, the President of the World Bank is American, he is a man, and he comes from high finance, which seems to be a guarantee of success for Joe Biden:

“Ajay is uniquely equipped to lead the World Bank at this critical moment in history. He has spent more than three decades building and managing successful, global companies that create jobs and bring investment to developing economies, and guiding organizations through periods of fundamental change.”

The CADTM International network condemns this nomination because:

The CADTM International network had no illusions: any decision taken by the IBRD (International Bank for Reconstruction and Development) must receive 85% of the votes to be adopted. However, the United States has 15.47% of the voting rights for each of the important decisions, so it has a de facto veto right. So there will be no positive change within the World Bank. As long as it continues to exist, it will remain an institution serving the interests of the United States, whether or not it is chaired by a US citizen drawn from big business and finance. It will continue to provide loans, usually onerous, in exchange for conditionalities that reinforce and deregulate capitalism, increase social and gender inequalities and worsen the climate and ecological crisis.

The CADTM International network calls once again:


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Featured image: Ajay Banga, at the India Economic Summit 2017 in New Delhi, World Economic Forum / Benedikt von Loebell, CC, Flickr

Articles by: CADTM

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