Ajay Banga Begins Tenure as 14th President of the World Bank Group
The Executive Directors of the World Bank selected Ajay Banga as President of the World Bank for a five-year term beginning June 2, 2023. Ajay Banga most recently served as Vice Chairman at General Atlantic. Previously, he was President and CEO of Mastercard, a global organization with nearly 24,000 employees. Under his leadership, MasterCard launched the Center for Inclusive Growth, which advances equitable and sustainable economic growth and financial inclusion around the world.
On the Move: The Migration Challenge
Migration is a development challenge. About 184 million people—2.3 percent of the world’s population—live outside of their country of nationality, and almost half of them are in low- and middle-income countries. In this episode of The Development Podcast, we explore the conversation around migration, from global economic imbalances, demographic changes, and conflict, to the opportunities it can bring to people and host communities.
NEW: Latest Food Security Update
The agricultural, cereal, and export price indices closed 4 percent, 3 percent, and 3 percent lower, respectively, than two weeks ago. Wheat prices saw a significant decrease of 11 percent compared to two weeks ago, while rice and maize prices were relatively stable. Despite these changes, domestic food price inflation remains high in most low-, middle-, and high-income countries.
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The World Bank has two goals: end extreme poverty and promote shared prosperity in a sustainable way.
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Food Security - NEW UPDATE (June 1)
Food security is defined when all people, at all times, have physical and economic access to sufficient safe and nutritious food that meets their dietary needs and food preferences for an active and healthy life.
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Climate Change
Climate change, poverty, and inequality are the defining issues of our age. The World Bank Group is the biggest multilateral funder of climate investments in developing countries.
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Evolution Roadmap
The World Bank Group, led by its Board and shareholders, has embarked on a process to evolve its Vision and Mission, Operating Model, and Financial Capacity, as detailed in the Evolution Roadmap.
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