The World Bank Takes a Wrong Turn
Commentary
President Biden’s nomination of Ajay Banga, the former CEO of Mastercard, to succeed David Malpass as World Bank president suggests that the Biden administration is prioritizing climate change over the World Bank’s founding mission of poverty eradication and economic development. This was made clear in the president’s statement singling out climate change as the most urgent challenge of our time.
Banga’s nomination turns the clock back four years, to the end of the tenure of Dr. Jim Yong Kim, who had been nominated by President Obama in 2012. Under Kim, the World Bank became an anti-development bank, allowing itself to be captured by climate activists at the expense of the world’s poorest people….