Afghanistan

US President Joe Biden nominated former Mastercard Inc (MA.N) CEO Ajay Banga to lead the World Bank, betting the India-born executive&s ties to the private sector and emerging markets will jump-start the 77-year-old institution&s overhaul to better address climate change, Reuters reported.Biden&s nomination on Thursday of Banga, 63, now a US citizen, all but assures he will assume a job that oversees billions of dollars of funding, as it races to help developing countries address climate change.The World Bank (WB) on Wednesday said it expects to select a new president by early May to replace David Malpass, who announced his resignation last week after months of controversy sparked by his initial refusal to say if he accepted the scientific consensus on climate change, and pressure by Treasury Secretary Janet Yellen for him to adopt &bolder& reforms, read the report.&I think the speed of the nomination, less than 48 hours after the WB board launched the process, reflects a desire to discourage any challengers and wrap it up quickly,& said Scott Morris, a senior fellow at the Center for Global Development and a former US Treasury official.Biden noted Banga&s decades of experience building global companies and public-private partnerships to fund responses to climate change and migration and said he had a proven track record working with global leaders, Reuters reported.&Ajay is uniquely equipped to lead the World Bank at this critical moment in history,& Biden said in a statement, hailing the business executive&s Indian roots and knowledge of the challenges facing developing countries and ability to mobilize private capital to tackle big problems.Banga&s work in India and other emerging markets, his &obsession& with expanding financial inclusion, and his deep knowledge of new technologies could help bridge the divide between rich countries and emerging markets, said Luis Alberto Moreno, who worked closely with Banga while serving as president of the Inter-American Development Bank.&He can really be a force for change,& Moreno said, noting that Banga enjoyed the trust of financial markets.India was expected to support Banga&s candidacy, according to Krishnamurthy Subramanian, the former top economic adviser to the Indian government who now serves as India&s executive director at the International Monetary Fund.

&It&s an elegant solution.&DIVERSITYThe bank has historically been headed by someone from the United States, its largest shareholder, while a European heads the International Monetary Fund (IMF), but developing countries and emerging markets have pushed to widen those choices.Banga&s nomination is the first to be made public, but the bank will accept nominations from other member countries through March 29.

Germany, another major shareholder, this week said the job should go to a woman since the bank has never been headed by a woman, Reuters reported.A senior US administration official said they did not know if other countries would nominate candidates for the post.Asked about Washington&s decision not to nominate a woman, the official said Banga had &a personal conviction and excellent track record promoting diversity, equity and inclusion in the work that he does& and would bring that view to the bank.But Jeff Hauser, who heads the progressive Revolving Door Project, demanded Biden retract the nomination of a top official from a &rapacious international private equity firm& who had previously worked only in private sector firms.&Neither private equity, nor MasterCard, nor Citigroup, nor PepsiCo, nor Nestlé, nor Dow promote shared prosperity.

They all do vastly more to exacerbate inequality than to fight it,& he said in a statement.Oxfam International said the next bank president should be chosen through a transparent global process.

&The World Bank is not a US bank, a commercial bank, or a private equity firm.

For a job of this stature, we need more than a tap on the shoulder from President Biden.&Banga is vice chair of General Atlantic, a US private equity firm that administration officials said has invested over $800 million in EV charging solutions, solar power and sustainable farming, read the report.He retired in December 2021 after 12 years at the helm of Mastercard, where administration officials noted that he helped 500 million unbanked people join the digital economy, averted layoffs of the bank&s 19,000 employees during the COVID-19 pandemic, and led work on climate, gender and sustainable agriculture.Vice President Kamala Harris said Banga brought &great insight, energy and persistence& to his role as co-chair of the Partnership for Central America, which has mobilized $4.2 billion in public, private and nonprofit funds to advance economic opportunity in northern Central America.The post Biden nominates former Mastercard CEO Ajay Banga to head World Bank first appeared on Ariana News.





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[Afghanistan] - Karzai meets with Norwegian charge d'affaires in Kabul


[Afghanistan] - IEA expresses 'be sorry for' over death of Chinese in Pakistan battle


[Afghanistan] - Numerous clingy families in Kabul receive aid from Bayat Foundation


Russia?s FSB chief says U.S., Britain, Ukraine behind Moscow attack


UN specialist states Israel has committed genocide in Gaza, requires arms embargo


[Afghanistan] - Muttaqi consults with Pakistan's deputy minister of commerce


[Afghanistan] - FIFA World Cup Qualifier: Afghanistan beat India 2-1


Tahawol: Pakistani economic delegation visit to Kabul discussed


[Afghanistan] - Pakistan delegation talks about services with Azizi to deal with trade issues


IEA leader approves law on handling complaints


Saar: UNSC resolution for Ramadan ceasefire in Gaza


6 eliminated in suicide attack on Chinese engineers in Pakistan


[Afghanistan] - Afghanistan gets Hajj quota of 30,000 for 2024


[Afghanistan] - IEA invites UN Security Council resolution on Gaza ceasefire


[Afghanistan] - IPL: RCB register initially win against Punjab Kings


[Afghanistan] - Over 250 schools in Herat 'unusable' due to quake damage


[Afghanistan] - Daesh attacks mostly opponents of United States: Zakharova


Qatar invites UNSC resolution calling for Ramadan ceasefire in Gaza


[Afghanistan] - Russia contributes $1 million to WFP in Afghanistan


Attackers target Pakistani naval airbase in Baluchistan


Tahawol: Concerns about spread of global terrorism discussed


UN Security Council demands immediate Gaza ceasefire after US abstains


Bayat Foundation distributes Ramadan aid in Nangarhar


Saar: Continued attacks by Israeli forces discussed


Chennai to host IPL 2024 final scheduled for May 26


[Afghanistan] - Pakistani delegation in Kabul to talk trade amidst 'degrading ties'


[Afghanistan] - Afghanistan beat Australia 5-4 in NSDF Futsal Championship


Over 3 million national electronic ID cards distributed in 1402


IPL: Mumbai Indians fail by simply six runs in Gujarat match


US forces were not fighting terrorism in Afghanistan: Lavrov


US envoy urges IEA to respect rights of all Afghans


4 killed, a number of hurt as race cars and truck hits spectators at Hungary rally


Six personnel of Pakistan's FIA at Torkham beaten by its security forces


Over 500 of Herat?s artifacts submitted to museum and archive


[Afghanistan] - Tahawol: Efforts to expand Afghanistan's diplomatic ties gone over


Saar: Education rights of Afghan girls and women discussed


[Afghanistan] - Deals worth 4 billion afghanis signed for electrical power, building jobs


IPL: KKR?s Rana fined for breaching Code of Conduct


Torkham crossing closed to travelers after fight breaks out among Pakistanis


[Afghanistan] - Senior Indian diplomat gos to Afghanistan embassy in New Delhi


IPL: Russell propels KKR to a thrilling 4-run win


Putin vows to punish those behind Russia show massacre


IEA edicts against women keeping Afghanistan aid dependent: US envoy


India court effectively prohibits madrasas in huge state before election


Tahawol: Calls for immediate ceasefire in Gaza discussed


Saar: Reactions over attack at Moscow concert hall discussed


Putin declares March 24 day of nationwide grieving


Man kills 3 members of his household in Jalalabad


[Afghanistan] - 79 percent of Afghan population without appropriate access to water: UNDP


Mustafizur assists Chennai down Bengaluru in IPL opener


IEA condemns ?terrorist? attack at Moscow concert hall


Gunmen kill more than 60 in concert attack near Moscow, Daesh claims responsibility


[Afghanistan] - Kandahar blast provokes domestic and int'l responses


Azerbaijan expresses interest in Afghanistan mining


Afghanistan and India play out goalless draw in FIFA World Cup Qualifiers


Setup of CCTV cams underway in Baghlan province


Public Health minister meets head of the UN refugees agency


[Afghanistan] - Finland stays happiest nation on the planet for 7th year, Afghanistan at bottom


Blinken meets Saudi Crown Prince to talk about Gaza


UN adopts first global artificial intelligence resolution


Dhoni quits captaincy of IPL champs Chennai


Majority of exports, imports being carried out via Iran?s Chabahar Port: MoIC


[Afghanistan] - Islamabad clarifies reasons for military operations along Durand Line


[Afghanistan] - Tahawol: Efforts to expand Afghanistan relations discussed


[Afghanistan] - Pakistan 'does not want armed dispute with Afghanistan'


3 killed, 12 injured in a surge outside a bank in Kandahar


[Afghanistan] - Modern education needed for development in Afghanistan, states education minister


[Afghanistan] - Afghanistan loses 34% of its forests in the last 15 years


Irish Prime Minister suddenly quits


Pakistan port attack kills two soldiers, eight militants, say officials


Tahawol: Resumption of Afghan refugees? eviction from Pakistan discussed


Saar: Start of new school year discussed


UNAMA urges IEA to reopen schools for girls


New school year starts across the country, but not for high school girls


Top former US generals say Afghanistan evacuation order came too late


UN sounds ?Red Alert? as world smashes heat records in 2023


Acting interior minister meets with Azerbaijan?s new ambassador


[Afghanistan] - Deputy chief of army personnel visits Paktia to examine border tensions


Pakistan resumes process of forced deportations of undocumented Afghans


Western zone media contest held in Herat


US Air Force says it conducted successful hypersonic weapon test


Saar: Reactions over Pakistani air strikes on Afghanistan discussed


Tahawol: Political, security, and economic situation of Afghanistan reviewed


[Afghanistan] - IEA's political deputy meets Azerbaijan ambassador


[Afghanistan] - A take a look at the financial development of Afghanistan in 1402


Afghanistan witnesses humanitarian crises in 1402


[Afghanistan] - EU offers 5 million euros to boost food security and incomes in 3 Afghan provinces


[Afghanistan] - 1402: Afghanistan fails to acquire worldwide acknowledgment


Lots of needy families in west Kabul receive Bayat's Ramadan help





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