Ajay Banga: Development is how we compete, grow and stay secure https://www.ft.com/content/3e5d55bb-0c0d-40e6-a15c-5187c8a021b2
World Bank president Ajay Banga’s OpEd.
“The World Bank was not born of altruism, but of strategic design. Its original purpose, shaped by US interests, was to forge a global economic landscape ripe for private sector investment. This wasn’t charity — it was a calculated move to promote economic growth and prevent instability. Over time, our mission has evolved, sometimes drifting into humanitarian efforts. But during the past two years of reform, we have refocused on our core mandate: driving development and reducing poverty. The resources needed to achieve this require the private sector to be an active player.” - https://www.worldbank.org/en/news/speech/2024/10/25/remarks-by-world-bank-group-president-ajay-banga-at-the-2024-annual-meetings-plenary ..
While reconstruction is essential, our focus has increasingly turned toward development.
This is where the World Bank's heart lies: helping nations emerge from less fortunate circumstances to enable people to reach their full potential.
Today, we face a world of unparalleled complexity—poverty, climate change, conflict, and pandemics are intertwined. The modern requirements of reconstruction and development call for an institution that is faster, simpler, and more impactful; capable of addressing the challenges of our time at an unprecedented scale.
It is a call that was echoed by our shareholders and clients when I joined 16 months ago—a mandate to work with the dedicated people of the Bank to engineer the institution’s evolution. Together, we have embarked on this journey to build a better bank and bring that vision to life.
https://www.christenseninstitute.org/blog/how-ajay-banga-can-successfully-reform-the-world-bank/