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Germany signals support for U.S. pick to lead World Bank

Reuters
Updated ·1-min read
FDP holds traditional Ash Wednesday meeting in Dingolfing

BENGALURU (Reuters) -The German government has signalled its support for the United States' nomination of Ajay Banga for president of the World Bank, with German Finance Minister Christian Lindner calling Banga's nomination a "very remarkable" proposal on Friday.

U.S. President Joe Biden nominated former Mastercard Inc CEO Ajay Banga to lead the World Bank on Thursday, 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.

Speaking on the sidelines of a G20 finance leaders meeting in the Indian city of Bengaluru, Lindner highlighted Banga's private sector experience as being potentially helpful in mobilizing more private investment for the transformation of the economy and for development projects.

The finance minister added that Germany would follow the nomination with "great attention" and expressed "sympathy" for the proposal. French Finance Minister Bruno Le Maire had also previously showed support for Banga's nomination.

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The World Bank 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.

(Reporting by Christian Kraemer, Writing by Maria Martinez, Editing by Miranda Murray)