World Bank reform Germany supports Ajay Banga's candidacy for World Bank President: Ambitious reform for climate action is common goal
Following their conversation, she stated:
“The World Bank is facing major change. More than in the past, it must become a genuine transformation bank and play a key role in delivering on the international community's key promise that we will leave no one behind. I expressed my expectation that the next World Bank President must be fully committed and dedicated to the reforms that are urgently needed at the World Bank. Together with other shareholders, I am calling for the biggest reform of the World Bank Group since its foundation. A new mission statement and a new business model are needed to make the World Bank a leader in addressing global challenges.
”Ajay Banga convincingly assured me of his commitment to such change, pushing for a global transformation, for just climate and environmental protection, for prosperity for all – also in the poorest countries. Ajay Banga has extensive experience in change management and has demonstrated his ability to lead large organisations. After our conversation, I support his candidacy.“
The World Bank is the world's largest financier of sustainable development projects. Incumbent World Bank President David Malpass has announced his intention to resign from his post by 30 June 2023. All shareholders can nominate candidates to succeed him. The U.S. has swiftly nominated Ajay Banga as a candidate.
The World Bank President is elected by a simple majority of the World Bank's Board of Executive Directors. Germany has its own seat on the 25-member Board. The election of the new World Bank President is expected to take place in May.
The United States is the largest shareholder in the World Bank Group's lead institution, IBRD, with 16.3 per cent, while Germany is the fourth largest, with 4.5 per cent. Within the German government, the BMZ is the lead institution for the World Bank. German Development Minister Svenja Schulze is Germany's Governor for the World Bank Group.