© Reuters. FILE PHOTO: US World Bank presidential candidate Ajay Banga poses with officials during his visit to the headquarters of the Ivorian electricity company Yopougon in Abidjan, Ivory Coast on March 7, 2023. REUTERS/Luke Ghanago
WASHINGTON (Reuters) – The World Bank’s 25-member executive board is set to vote on the U.S. nominee to head the World Bank, Ajay Banga, on Wednesday after completing a four-hour interview with the former Mastercard chief executive on Monday, people familiar with the matter said. with this process.
Panga, 63, the sole contender to replace outgoing President David Malpass, is expected to win the consensus vote easily after a three-week witch hunt that saw him meet with government officials, business executives and civil society groups around the world. sources said.
If approved, Banga could start in the new job in early June after Malpas leaves on June 1.
Panga, an Indian-born executive who is now a US citizen, was nominated by US President Joe Biden in late February.
One of the sources said Panga has impressed shareholders in recent weeks as a “real change-maker” who will help speed up reforms at the World Development Bank, which is under pressure to increase its lending to help developing countries address global challenges such as climate change and conflict.
US Treasury Secretary Janet Yellen told Reuters last month that she insists that the next steps in the World Bank’s evolution be taken “on a rolling basis” in the coming months, after the bank’s board of directors approved an initial set of reforms at its spring meetings.
She said attracting more private capital for development goals would be a key area of focus for Panga if approved.
The World Bank has been led by an American since its founding at the end of World War II, while the International Monetary Fund has been led by a European.