MARRAKESH: The World Bank’s new president, Ajay Banga, said on Wednesday that the global lender must become “better” and “bigger” to boost its capacity to help developing countries battle climate change, poverty and pandemics.

Banga, who was appointed in June, made his plea at the annual meetings of the IMF and World Bank in the southern Moroccan city of Marrakesh where reform of the Washington-based institutions is a major agenda item.

The former CEO of Mastercard has previously vowed to “fix the plumbing” at the bank, saying it was “dysfunctional” despite a dedicated staff.

Banga said at a press conference on Wednesday that a “deep cultural change” is needed at an “institution that has a proud history and done an amazing job over the last 78 years.”

He noted that countries have to deal with various departments and that it can take 27 months between the time a project is discussed and is finally approved.

“The idea of a better bank is a bank that works better with itself, is more efficient in its own processes,” Banga said.

Banga wants to redefine the vision of the bank towards “eradicating poverty on a liveable planet”.

Published in Dawn, October 12th, 2023