Opportunity for reforms at World Bank

Ajay Banga, its proposed new chief, must steer the bank into becoming a global institution for climate change and sustainability instead of just another multipurpose development bank

With Ajay Banga nominated to be the next World Bank (WB) president, there is great hope in his abilities to revamp this vital global institution.

What the world needs today is a global institution, tasked with guiding a global transformation towards a sustainable planet and promoting shared prosperity. The WB is largely missing in action, according to former US vice-president Al Gore, in the climate fight. Instead, the WB, which earlier adapted well to addressing global poverty, is now seen as a multi-purpose development bank that tries to provide support to countries for their perceived needs without a broad strategic