Ajay Banga, President Biden’s nominee to lead the World Bank, wants the bank to focus on poverty alleviation and climate change — and warns that the world needs a massive investment from the private sector to adequately address both challenges.
Why it matters: The bank is under pressure from rich countries, and the Biden administration, to do more to fight climate change — but less-developed countries worry it will do so at the expense of its focus on health, education and poverty reduction.
