White House is busy preparing for the upcoming G20 summit which is scheduled for next month in New Delhi. Washington says US President Joe Biden is discussing a wide range of global issues ranging from Putin's invasion of Ukraine to reforms in the IMF and World Bank.

US President Joe Biden to push for reforms in World Bank, IMF; says 'Not against China' | WION

The World Bank said on Tuesday (August 8) that it was pausing new public finance projects in Uganda over the government's adoption of a widely criticised bill that criminalises same-sex conduct.

The World Bank said on Tuesday (August 8) that it was pausing new public finance projects in Uganda over the government's adoption of a widely criticised bill that criminalises same-sex conduct. In a statement, the World Bank said that Uganda's Anti-Homosexuality Act fundamentally contradicts the global development lender's core values. No new public financing would be presented to the bank's board of directors for approval for the time being, the statement added. "Our goal is to protect sexual and gender minorities from discrimination and exclusion in the projects we finance," the statement also said, adding it was in discussion with the Ugandan authorities over the issue. What is Uganda's Anti-Homosexuality Act? In May, Ugandan President Yoweri Museveni signed the Anti-Homosexuality Act of 2023- which criminalises same-sex conduct, including potentially a death penalty for those convicted of “aggravated homosexuality." The act calls for life imprisonment for anyone convicted of homosexuality. Same-sex relations have been illegal in Uganda but the new act goes further. According to Human Rights Watch (HRW), the act violates "multiple fundamental rights guaranteed under Uganda’s constitution and breaks commitments made by the government as a signatory to a number of international human rights agreements." United States President Joe Biden, meanwhile, called Kampala's decision "a tragic violation" of human rights and said Washington would evaluate the implications of the law "on all aspects of US engagement with Uganda." "We are considering additional steps, including the application of sanctions and restriction of entry into the United States against anyone involved in serious human rights abuses or corruption," President said on May 29. In a joint statement, the American flagship HIV/AIDS programme PEPFAR, the Global Fund to Fight AIDS, Tuberculosis and Malaria, and the Joint United Nations Programme on HIV/AIDS (UNAIDS) said the law put Uganda’s anti-HIV fight "in grave jeopardy." World Bank's decision follows pressure from rights groups, US Congress The World Bank's decision to halt new loans for Uganda came after pressure from human rights organisations and members of the US Congress to take a tougher line with Kampala over the act. In late July, several members of the US Congress called on World Bank President Ajay Banga to "immediately postpone and suspend all current and future lending to Uganda" until the law was struck down. Following the passage of the act, the US State Department updated its travel advisory, telling citizens to "reconsider travel to Uganda due to crime, terrorism, and anti-LGBTQI+ legislation." WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

World Bank halts approval for new finance projects in Uganda over anti-LGBTQ law

The growing global demand for information communication and technology services has emboldened tech-savvy entrepreneurs to grab the opportunities inherent in the multi-billion dollar sector. In a bid to propel the world to new heights in various areas of human endeavors about 80 per cent of Nigerian companies expect to experience in technology. There is a skill gap this year and that is due to the brain drain of its workforce who are seeking greener pastures in other nations.

World Bank: 50% of Nigerians don't have digital skills

Indian-origin World Bank Chief Ajay Banga is optimistic about India’s fight against poverty. He said that if India continues its economic momentum, it can tackle poverty. Speaking to reporters, Banga, who took over as the World Bank chief last year, said that the best way to fight poverty is through economic growth & job creation.

World Bank praises India’s anti-poverty drive

India's significant domestic consumption will shield it from the effects of an expected global slowdown at the beginning of the next year, World Bank President Ajay Banga said in New Delhi on Wednesday.

<h2>Risk of slowdown in world economy next year: Ajay Banga</h2>

The World Bank president said that while the overall outlook for the world economy is "better than expectations", the risk on the downside in terms of a potential slowdown early on during 2023 cannot be written off just yet.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/indian-origin-ajay-banga-confirmed-as-world-banks-next-president-588606">Indian-origin Ajay Banga confirmed as World Bank's next president</a>

"Since India gets a lot of its gross domestic product from domestic consumption, even if the world were to slow down for a few months, India has a natural cushion against (it),” Banga told a group of media persons in New Delhi after his meeting with India's finance minister Nirmala Sitharaman.

<h2>Ajay Banga &amp; Nirmala Sitharaman hold talks</h2>

The World Bank president and India's finance minister reportedly discussed India's developmental priorities. Like many developing economies focused on harnessing their human capital alongside alleviation of poverty and infrastructure upgrades, New Delhi's developmental priorities also include seeking assistance from the World Bank Group in leveraging private investments.

Also watch |&nbsp;Indian-origin Ajay Banga elected as new World Bank president for 5-year term

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For the World Bank, India is reportedly one of the largest markets in its portfolio.

"The finance minister mentioned that bridging the knowledge and technology gaps is key to future economic development and the World Bank should accelerate efforts to share the Indian development experience with the Global South," India's finance ministry in a tweet.

<h2>India has opportunity to cash in on China Plus One move of companies: Ajay Banga</h2>

Previously, during his visit to a skill centre&nbsp;in New Delhi, while responding to a question on India's ability to produce more high-income jobs, Banga said that India has an opportunity to cash in&nbsp;on companies diversifying their supply chains beyond China, in what is being known as China Plus One move of the global firms.

"We need to understand where these jobs are. They are in technology, which is very few... then they are in manufacturing. I think India’s opportunity currently is to cash in on the China Plus One opportunity. This opportunity won’t stay open for 10 years. It is a three- to five-year opportunity when supply chains start relocating or add another location that is going to need work," he said.

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India's significant domestic consumption will shield it from the effects of an expected global slowdown at the beginning of the next year, World Bank President Ajay Banga said in New Delhi on Wednesday.

India's significant domestic consumption will shield it from the effects of an expected global slowdown at the beginning of the next year, World Bank President Ajay Banga said in New Delhi on Wednesday. Risk of slowdown in world economy next year: Ajay Banga The World Bank president said that while the overall outlook for the world economy is "better than expectations", the risk on the downside in terms of a potential slowdown early on during 2023 cannot be written off just yet. Also read | Indian-origin Ajay Banga confirmed as World Bank's next president "Since India gets a lot of its gross domestic product from domestic consumption, even if the world were to slow down for a few months, India has a natural cushion against (it),” Banga told a group of media persons in New Delhi after his meeting with India's finance minister Nirmala Sitharaman. Ajay Banga & Nirmala Sitharaman hold talks The World Bank president and India's finance minister reportedly discussed India's developmental priorities. Like many developing economies focused on harnessing their human capital alongside alleviation of poverty and infrastructure upgrades, New Delhi's developmental priorities also include seeking assistance from the World Bank Group in leveraging private investments. Also watch | Indian-origin Ajay Banga elected as new World Bank president for 5-year term × For the World Bank, India is reportedly one of the largest markets in its portfolio. "The finance minister mentioned that bridging the knowledge and technology gaps is key to future economic development and the World Bank should accelerate efforts to share the Indian development experience with the Global South," India's finance ministry in a tweet. India has opportunity to cash in on China Plus One move of companies: Ajay Banga Previously, during his visit to a skill centre in New Delhi, while responding to a question on India's ability to produce more high-income jobs, Banga said that India has an opportunity to cash in on companies diversifying their supply chains beyond China, in what is being known as China Plus One move of the global firms. "We need to understand where these jobs are. They are in technology, which is very few... then they are in manufacturing. I think India’s opportunity currently is to cash in on the China Plus One opportunity. This opportunity won’t stay open for 10 years. It is a three- to five-year opportunity when supply chains start relocating or add another location that is going to need work," he said. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

India has 'natural cushion' against potential global slowdown next year: World Bank president

To address the pressing challenges of climate change and strengthen the institution's capacity to aid developing countries, World Bank President Ajay Banga has announced a series of visionary proposals during a meeting of finance officials from the Group of 20 major economies in Gandhinagar, India. These groundbreaking reforms cited by Reuters, designed to 'make balance sheet work harder,' can potentially increase World Bank lending by an impressive $50 billion over the next decade. Banga, the former CEO of Mastercard who assumed his new role on June 2, has been mandated to accelerate the evolution of the 70-year-old institution and implement changes to support sustainable development efforts.

The United States, the bank's largest shareholder, initiated the push for reforms in October and later nominated Ajay Banga to lead the institution. U.S. Treasury Secretary Janet Yellen has been vocal about the need for multilateral development banks, including the World Bank, to prioritise climate action and other global challenges before considering capital increases. The new proposals, still under discussion with shareholder countries, build upon initial steps approved in April to enhance World Bank lending capabilities.

A multifaceted vision

Banga's vision is multifaceted, aiming to enable the bank to generate $6 in new lending for every $1 in loan guarantees over a 10-year period. This would equate to an impressive $30 billion for every $5 billion invested. One of the key strategies to achieve this goal is by allowing shareholders to guarantee loans, thus mitigating risks for countries that may face difficulties in repayment. By offering this assurance, the World Bank can significantly expand lending capacity, supporting nations in their endeavours to combat climate change and achieve sustainable growth.

Another innovative measure involves issuing a new hybrid capital instrument, allowing shareholders to invest in bonds. This move is projected to unlock up to $6 billion in additional lending, contributing further to the World Bank's expanded financial resources.

Moreover, the institution plans to absorb more risk by widening conditions for callable capital, which is money pledged by governments but not yet paid in. By leveraging this resource strategically, the World Bank can extend financial assistance to more countries, particularly those with urgent development needs.

The institution has also proposed increasing very low or zero-interest lending, including establishing a $6 billion crisis facility dedicated to supporting the world's poorest countries through the International Development Association. This measure aims to provide crucial financial lifelines during times of crisis, enabling vulnerable nations to respond effectively to emergencies while fostering long-term resilience.

President Banga emphasises that while these progressive reforms are essential for building a better bank, a capital increase will eventually be necessary. The proposals represent a significant step towards aligning the World Bank's operations with the global climate agenda and fostering a more inclusive and sustainable future for all member nations.

(With Inputs from Reuters)

To address the pressing challenges of climate change and strengthen the institution's capacity to aid developing countries, World Bank President Ajay Banga has announced a series of visionary proposals during a meeting of finance officials from the Group of 20 major economies in Gandhinagar, India.

To address the pressing challenges of climate change and strengthen the institution's capacity to aid developing countries, World Bank President Ajay Banga has announced a series of visionary proposals during a meeting of finance officials from the Group of 20 major economies in Gandhinagar, India. These groundbreaking reforms cited by Reuters, designed to 'make balance sheet work harder,' can potentially increase World Bank lending by an impressive $50 billion over the next decade. Banga, the former CEO of Mastercard who assumed his new role on June 2, has been mandated to accelerate the evolution of the 70-year-old institution and implement changes to support sustainable development efforts. The United States, the bank's largest shareholder, initiated the push for reforms in October and later nominated Ajay Banga to lead the institution. U.S. Treasury Secretary Janet Yellen has been vocal about the need for multilateral development banks, including the World Bank, to prioritise climate action and other global challenges before considering capital increases. The new proposals, still under discussion with shareholder countries, build upon initial steps approved in April to enhance World Bank lending capabilities. A multifaceted vision Banga's vision is multifaceted, aiming to enable the bank to generate $6 in new lending for every $1 in loan guarantees over a 10-year period. This would equate to an impressive $30 billion for every $5 billion invested. One of the key strategies to achieve this goal is by allowing shareholders to guarantee loans, thus mitigating risks for countries that may face difficulties in repayment. By offering this assurance, the World Bank can significantly expand lending capacity, supporting nations in their endeavours to combat climate change and achieve sustainable growth. Another innovative measure involves issuing a new hybrid capital instrument, allowing shareholders to invest in bonds. This move is projected to unlock up to $6 billion in additional lending, contributing further to the World Bank's expanded financial resources. Moreover, the institution plans to absorb more risk by widening conditions for callable capital, which is money pledged by governments but not yet paid in. By leveraging this resource strategically, the World Bank can extend financial assistance to more countries, particularly those with urgent development needs. The institution has also proposed increasing very low or zero-interest lending, including establishing a $6 billion crisis facility dedicated to supporting the world's poorest countries through the International Development Association. This measure aims to provide crucial financial lifelines during times of crisis, enabling vulnerable nations to respond effectively to emergencies while fostering long-term resilience. President Banga emphasises that while these progressive reforms are essential for building a better bank, a capital increase will eventually be necessary. The proposals represent a significant step towards aligning the World Bank's operations with the global climate agenda and fostering a more inclusive and sustainable future for all member nations. (With Inputs from Reuters)

World Bank's climate cash injection: A $50 billion green boost

Newly-appointed World Bank chief Ajay Banga has decided to steer clear of the ongoing rivalry between the U.S. and China, Bloomberg reported on Wednesday.&nbsp;

The Indian-origin former CEO of Mastercard said that he does not view China as a rival in providing funds to developing countries.&nbsp;"I will not get tied up in knots with these rivalries...I don’t view China as a rival. You need everybody at the wheel," Banga was quoted as saying in a recent interview.&nbsp;

Banga's statement comes a day after the U.S. Treasury Secretary Janet Yellen dubbed the World Bank and the International Monetary Fund as "counterweights to China".

"Our leadership at these institutions is one of our core ways of engaging with emerging markets and developing countries. The aid serves as an important counterweight to nontransparent, unsustainable lending from others, like China," she told a US House committee.&nbsp;

Banga instead said that climate change and development are bigger issues to worry than navigating tensions between the world’s two largest economies.

Banga, who replaced David Malpass as the World Bank's top boss, also batted for more private-sector involvement in fighting poverty and climate change.

The 63-year-old added he will do all he can to address the challenges faced by the developing world. The United States is the World Bank’s largest funder. Every president since its creation after World War II has been an American national.&nbsp;

According to a Bloomberg report,&nbsp;Banga’s remarks cut against the mood in Washington DC, where lawmakers and senior officials have characterised China as the most important strategic competitor of the US.

The US has been waging a global campaign to dissuade other countries, especially those that are&nbsp;less-developed and developing, from entering into projects with China. Instead, the world's pre-eminent superpower has been urging the developing world to partner with the West.&nbsp;

Newly-appointed World Bank chief Ajay Banga has decided to steer clear of the ongoing rivalry between the U.S. and China, Bloomberg reported on Wednesday. The Indian-origin former CEO of Mastercard said that he does not view China as a rival in providing funds to developing countries.

Newly-appointed World Bank chief Ajay Banga has decided to steer clear of the ongoing rivalry between the U.S. and China, Bloomberg reported on Wednesday. The Indian-origin former CEO of Mastercard said that he does not view China as a rival in providing funds to developing countries. "I will not get tied up in knots with these rivalries...I don’t view China as a rival. You need everybody at the wheel," Banga was quoted as saying in a recent interview. Banga's statement comes a day after the U.S. Treasury Secretary Janet Yellen dubbed the World Bank and the International Monetary Fund as "counterweights to China". "Our leadership at these institutions is one of our core ways of engaging with emerging markets and developing countries. The aid serves as an important counterweight to nontransparent, unsustainable lending from others, like China," she told a US House committee. Banga instead said that climate change and development are bigger issues to worry than navigating tensions between the world’s two largest economies. Banga, who replaced David Malpass as the World Bank's top boss, also batted for more private-sector involvement in fighting poverty and climate change. The 63-year-old added he will do all he can to address the challenges faced by the developing world. The United States is the World Bank’s largest funder. Every president since its creation after World War II has been an American national. According to a Bloomberg report, Banga’s remarks cut against the mood in Washington DC, where lawmakers and senior officials have characterised China as the most important strategic competitor of the US. The US has been waging a global campaign to dissuade other countries, especially those that are less-developed and developing, from entering into projects with China. Instead, the world's pre-eminent superpower has been urging the developing world to partner with the West.

'Don't see China as a rival': New World Bank chief Ajay Banga

The new world bank chief has decided to stay clear of the ongoing rivalry between the US and China. Indian-origin ajay banga said that he does not view China as a rival in development funding. This statement comes a day after US Treasury secretary janet yellen called the world bank and the IMF "Counterweights to China".

World bank chief on US China rivalry

Treasury Secretary Janet Yellen on Tuesday will cast international financial institutions as American-aligned counterweights to China's growing influence in the developing world, as she seeks to garner congressional support for US financial backing of those lenders.

US Treasury Secretary Janet Yellen says IMF, World Bank are important counterweights to China

The World Bank has issued a warning that a third of the global economy will be in recession this year. This comes as the war continues in Ukraine, inflation soars, and interest rates continue to spike.

Global economy slows down, developing economies to face trouble: World Bank

The World Bank's 25-member executive board on Wednesday elected former Mastercard CEO Ajay Banga to a five-year term as president, effective June 2, ushering in the India-born finance and development expert to revamp the lender to tackle climate change and other global crises.

Indian-origin Ajay Banga elected as new World Bank president for 5-year term

To tackle the rising crisis of air pollution in Bosnia, the World Bank has now approved a loan worth 50.8 million dollars to help the the health and economic consequences in the Balkans.

World Bank approves loan worth $50.8 mn to help Bosnia | WION Climate Tracker

A new report by the World Bank has revealed that commodity prices are set to decline&nbsp;in 2023.

The World Bank's&nbsp;Commodity Markets Outlook report&nbsp;expects commodity prices to decrease by 21 percent this year, the steepest drop since the pandemic, before stabilising in 2024.

Nevertheless, the bank warns that consumers will continue feeling the pinch, as prices for all main commodity groups are substantially higher than pre-pandemic levels.

The research highlights the effects of rising food costs, which are at their second-highest level in real terms since the 1973-75 grain shortages. This, in turn, contributes to increased food insecurity, which has severe consequences for impoverished communities in many developing nations.

Energy prices fell by 20 percent in the first three months of 2023 compared to the final three months of 2022, owing to decline in oil and natural gas prices. The report&nbsp;anticipates that much of the recent decline will be maintained for the rest of the year, with prices perhaps rising in 2024.

Metal prices, on the other hand, are up nearly 10 percent in 2023, but that is due to a drop in pricing near the close of last year when a strong dollar and concerns about Chinese demand weighed on prices. Prices of non-energy commodities are expected to fall 10 percent&nbsp;this year. Another 3 percent&nbsp;fall in non-energy commodities can be expected in 2024 due to weak global demand, the report adds.&nbsp;

Dangers Ahead

In its forecast, the World Bank did mention certain dangers.&nbsp;

If supply remains below target, Russia and the Organisation of Petroleum Exporting Countries (OPEC) may provide less oil than projected. Further, tighter finance conditions may limit oil and coal companies' capacity to grow supplies elsewhere. Tighter controls on fossil fuels are also expected to deter investment in the sector.

Chinese demand is&nbsp;unknown, though the bank suggests&nbsp;that an economic rebound could be led by property rather than services, which would be suitable for commodities such as aluminium and copper.&nbsp;

In Europe, concerns regarding gas stocks next winter and uncertainties about the Black Sea Grain Initiative will remain. Moreover, fears of erratic weather may hike costs in the continent. Tighter credit conditions and geopolitical tensions are some other risks that could impact the global commodity markets in 2023, notes the report.&nbsp;

A new report by the World Bank has revealed that commodity prices are set to decline in 2023. The World Bank's Commodity Markets Outlook report expects commodity prices to decrease by 21 percent this year, the steepest drop since the pandemic, before stabilising in 2024.

A new report by the World Bank has revealed that commodity prices are set to decline in 2023. The World Bank's Commodity Markets Outlook report expects commodity prices to decrease by 21 percent this year, the steepest drop since the pandemic, before stabilising in 2024. Nevertheless, the bank warns that consumers will continue feeling the pinch, as prices for all main commodity groups are substantially higher than pre-pandemic levels. The research highlights the effects of rising food costs, which are at their second-highest level in real terms since the 1973-75 grain shortages. This, in turn, contributes to increased food insecurity, which has severe consequences for impoverished communities in many developing nations. Energy prices fell by 20 percent in the first three months of 2023 compared to the final three months of 2022, owing to decline in oil and natural gas prices. The report anticipates that much of the recent decline will be maintained for the rest of the year, with prices perhaps rising in 2024. Metal prices, on the other hand, are up nearly 10 percent in 2023, but that is due to a drop in pricing near the close of last year when a strong dollar and concerns about Chinese demand weighed on prices. Prices of non-energy commodities are expected to fall 10 percent this year. Another 3 percent fall in non-energy commodities can be expected in 2024 due to weak global demand, the report adds. Dangers Ahead In its forecast, the World Bank did mention certain dangers. If supply remains below target, Russia and the Organisation of Petroleum Exporting Countries (OPEC) may provide less oil than projected. Further, tighter finance conditions may limit oil and coal companies' capacity to grow supplies elsewhere. Tighter controls on fossil fuels are also expected to deter investment in the sector. Chinese demand is unknown, though the bank suggests that an economic rebound could be led by property rather than services, which would be suitable for commodities such as aluminium and copper. In Europe, concerns regarding gas stocks next winter and uncertainties about the Black Sea Grain Initiative will remain. Moreover, fears of erratic weather may hike costs in the continent. Tighter credit conditions and geopolitical tensions are some other risks that could impact the global commodity markets in 2023, notes the report.

Commodity prices set to plunge in 2023, but relief for consumers remains elusive: World Bank report

The World Bank on Wednesday confirmed Indian-origin Ajay Banga as its next president. Banga has taken charge of the bank at a pivotal time as the development lender aims to address climate change in better ways.

"The Board looks forward to working with Banga on the World Bank Group Evolution process," wrote the bank in a statement published just after the board voted to approve his leadership which will continue for a five-year term. The US candidate, who was the only nominee for the job,&nbsp;will succeed David Malpass on June 2.&nbsp;

The bank further said that it is looking forward to working with Banga on "all the World Bank Group's ambitions and efforts aimed at tackling the toughest development challenges facing developing countries".&nbsp;

Malpass has been facing criticism over his stance on climate change. Banga, aged 63, was born into a Sikh family in India and holds US citizenship.

ALSO READ | <a href="https://www.wionews.com/india-news/explained-everything-about-ajay-banga-indian-american-executive-nominated-to-lead-the-world-bank-565263">EXPLAINED | Everything about Ajay Banga, Indian-American executive nominated to lead the World Bank</a>

Previously, Banga headed the payments company Mastercard from 2010 and 2021. He was also part of the boards of Kraft Foods, American Red Cross and Dow Inc.

Speaking to reporters during his candidacy, Banga had said that he wanted to see increased private sector funding to manage financing for global problems.

"There is not enough money without the private sector," he stated, adding that an organisation like the World Bank should establish a system which can share risk and mobilise private funds for achieving its goals.

"These are all tools in the toolkit and I'm going to try and figure it out," he stated.&nbsp;

Last month, US Treasury Secretary Janet Yellen said that she was confident Banga has "the right experience and track record of bringing together governments, the private sector, and non-profits to deliver on our ambitious goals."

Banga will start his role when the world economy is going through a difficult phase with decreased global growth and increasing interest rates.&nbsp;

Banga will be heading the bank shortly after measures were endorsed by member countries to allow it a $50 billion lending boost in the next decade, which was a major objective of outgoing president Malpass.

WATCH | Indian-Origin Ajay Banga set to become World Bank Chief

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The step is part of the development lender's ongoing evolution amid pushes for it to solve global challenges like climate change.

A member of the bank's executive board, which represents 23 African countries, Abdoul Salam Bello said, "We want to make sure that the development agenda is not diluted in the climate agenda."&nbsp;

"Climate is important, but we don't want to have a trade-off where we have an agenda that will be climate versus development," he added.&nbsp;

<main>
<section>
(With inputs from agencies)

You can&nbsp;now write for wionews.com&nbsp;and be a part of the community. Share your stories and opinions with us&nbsp;<a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

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The World Bank on Wednesday confirmed Indian-origin Ajay Banga as its next president. Banga has taken charge of the bank at a pivotal time as the development lender aims to address climate change in better ways.

The World Bank on Wednesday confirmed Indian-origin Ajay Banga as its next president. Banga has taken charge of the bank at a pivotal time as the development lender aims to address climate change in better ways. "The Board looks forward to working with Banga on the World Bank Group Evolution process," wrote the bank in a statement published just after the board voted to approve his leadership which will continue for a five-year term. The US candidate, who was the only nominee for the job, will succeed David Malpass on June 2. The bank further said that it is looking forward to working with Banga on "all the World Bank Group's ambitions and efforts aimed at tackling the toughest development challenges facing developing countries". Malpass has been facing criticism over his stance on climate change. Banga, aged 63, was born into a Sikh family in India and holds US citizenship. ALSO READ | EXPLAINED | Everything about Ajay Banga, Indian-American executive nominated to lead the World Bank Previously, Banga headed the payments company Mastercard from 2010 and 2021. He was also part of the boards of Kraft Foods, American Red Cross and Dow Inc. Speaking to reporters during his candidacy, Banga had said that he wanted to see increased private sector funding to manage financing for global problems. "There is not enough money without the private sector," he stated, adding that an organisation like the World Bank should establish a system which can share risk and mobilise private funds for achieving its goals. "These are all tools in the toolkit and I'm going to try and figure it out," he stated. Last month, US Treasury Secretary Janet Yellen said that she was confident Banga has "the right experience and track record of bringing together governments, the private sector, and non-profits to deliver on our ambitious goals." Banga will start his role when the world economy is going through a difficult phase with decreased global growth and increasing interest rates. Banga will be heading the bank shortly after measures were endorsed by member countries to allow it a $50 billion lending boost in the next decade, which was a major objective of outgoing president Malpass. WATCH | Indian-Origin Ajay Banga set to become World Bank Chief The step is part of the development lender's ongoing evolution amid pushes for it to solve global challenges like climate change. A member of the bank's executive board, which represents 23 African countries, Abdoul Salam Bello said, "We want to make sure that the development agenda is not diluted in the climate agenda." "Climate is important, but we don't want to have a trade-off where we have an agenda that will be climate versus development," he added. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE

Indian-origin Ajay Banga confirmed as World Bank's next president

The former CEO of MasterCard, who is of Indian descent, was voted to a five-year term on Wednesday by the 25 members of the World Bank's executive board. His term will begin on June 2nd. U.S. President Joe Biden made the 63-year-old banga's nomination for the position in late February.

Ajay Banga Makes History as First Indian-Origin Male President of World Bank

Indian-American businessman Ajay Banga has been designated as the World Bank president for a term of five years. He is the first Indian-origin nominee for the World Bank president's role. US Vice President Kamala Harris congratulated Ajay Banga on his election as President of the World Bank.

The World Bank has released a new report stating that food, energy, and metals prices will continue to drop in 2023.

World Bank's Report: Commodity prices to fall

If you are planning to move abroad for a job, there is some good news for you.&nbsp;

The latest World Development Report by the World Bank states that it is more viable for Indians to move abroad.

According to the report, Indian workers see a 120 percent&nbsp;rise in their incomes outside India, while internal migration within India will only add about 40 percent&nbsp;to personal incomes.&nbsp;

"Migration leads to large wage increases for most people whose skills and attributes are a strong match with the needs of the destination society. These gains often exceed what could be achieved in the country of origin, even from internal migration to relatively better-off locations," says the report.&nbsp;

Moving abroad is even more rewarding for low-skilled workers from less developed and developing countries such as India.&nbsp;

A low-skilled Indian worker is likely to see a whopping 500 percent rise in income in the United States. The United Arab Emirates is the next favourite destination for low-skilled workers, who can earn 300 percent more than in India. &nbsp;

"The gains are so large that at current rates of economic growth it would take decades for the average low-skilled person working in some countries of origin to earn the income they achieve by migrating to a high-income country," notes the report.&nbsp;

According to the International Labour Organisation, low-skilled work consisting of “simple and routine tasks which require the use of hand-held tools and often some physical effort”.&nbsp;

Tech brain drain a boon in disguise?&nbsp;

Migration of talented Indians to the developed world has often been dubbed "brain drain" in the media. While there may well be some truth in it, the World Bank report argues that "brain drain" may have played a role in India's Information Technology revolution.&nbsp;

Many techies from India have not only prospered in the Silicon Valley but also become an integral part of the Indian diaspora -- the largest in the world. Sundar Pichai, Satya Nadella and Arvind Krishna are some of the best examples of Indian migrants making it big in the US. &nbsp;

These illustrious names, the report argues, have helped develop industries in India by transferring knowledge and fostering innovation.

"Indian migrants in California’s Silicon Valley have launched large Information Technology–related firms in India. In 2006, firms established by returnees accounted for some 90 percent of firms in software technology parks in Bangalore," notes the report.&nbsp;

Economic migration - a major source of remittances&nbsp;

In many cases, migration to developed countries can economically help the country of origin.&nbsp;

"Remittances are a stable source of income for migrants’ families, supporting investments in children’s education, health care, housing, and entrepreneurial activities," observes the report.&nbsp;

India is the biggest beneficiary of remittances in the world, having crossed the $100 billion-mark in 2022.

A large part of the remittances to India come from migrants living in the Gulf. According to the report, low-skilled Indian migrants in Gulf countries send, on average, nearly 70 percent of their earnings to their families.

According to India's Ministry of External Affairs, nearly 50 per cent of India's migrant population works in Gulf Co-operation Council (GCC) countries of&nbsp;Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.&nbsp;

If you are planning to move abroad for a job, there is some good news for you. The latest World Development Report by the World Bank states that it is more viable for Indians to move abroad.

If you are planning to move abroad for a job, there is some good news for you. The latest World Development Report by the World Bank states that it is more viable for Indians to move abroad. According to the report, Indian workers see a 120 percent rise in their incomes outside India, while internal migration within India will only add about 40 percent to personal incomes. "Migration leads to large wage increases for most people whose skills and attributes are a strong match with the needs of the destination society. These gains often exceed what could be achieved in the country of origin, even from internal migration to relatively better-off locations," says the report. Moving abroad is even more rewarding for low-skilled workers from less developed and developing countries such as India. A low-skilled Indian worker is likely to see a whopping 500 percent rise in income in the United States. The United Arab Emirates is the next favourite destination for low-skilled workers, who can earn 300 percent more than in India. "The gains are so large that at current rates of economic growth it would take decades for the average low-skilled person working in some countries of origin to earn the income they achieve by migrating to a high-income country," notes the report. According to the International Labour Organisation, low-skilled work consisting of “simple and routine tasks which require the use of hand-held tools and often some physical effort”. Tech brain drain a boon in disguise? Migration of talented Indians to the developed world has often been dubbed "brain drain" in the media. While there may well be some truth in it, the World Bank report argues that "brain drain" may have played a role in India's Information Technology revolution. Many techies from India have not only prospered in the Silicon Valley but also become an integral part of the Indian diaspora -- the largest in the world. Sundar Pichai, Satya Nadella and Arvind Krishna are some of the best examples of Indian migrants making it big in the US. These illustrious names, the report argues, have helped develop industries in India by transferring knowledge and fostering innovation. "Indian migrants in California’s Silicon Valley have launched large Information Technology–related firms in India. In 2006, firms established by returnees accounted for some 90 percent of firms in software technology parks in Bangalore," notes the report. Economic migration - a major source of remittances In many cases, migration to developed countries can economically help the country of origin. "Remittances are a stable source of income for migrants’ families, supporting investments in children’s education, health care, housing, and entrepreneurial activities," observes the report. India is the biggest beneficiary of remittances in the world, having crossed the $100 billion-mark in 2022. A large part of the remittances to India come from migrants living in the Gulf. According to the report, low-skilled Indian migrants in Gulf countries send, on average, nearly 70 percent of their earnings to their families. According to India's Ministry of External Affairs, nearly 50 per cent of India's migrant population works in Gulf Co-operation Council (GCC) countries of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.

Indian workers earn 120% more abroad: World Bank report

World bank approves $150 million loan to support sustainable growth & climate resilience in central America. Hem Kaur Saroya brings you the report

World bank approves $150 mn loan to panama for green development

Here, we bring you the news that is trending across WION's social media platforms - Gemini Sankaran, pioneer of Indian Circus dies at the age of 99 in Kannur, China's ByteDance pushes Lemon8 in the United States as TikTok faces possible ban, says report, World Bank report reveals Indian workers earn 120% more abroad, German Air Force says it intercepted Russian aircraft over Baltic Sea.

Gemini Sankaran, pioneer of Indian Circus dies at age of 99 in Kerala's Kannur

Moving abroad generally provides better quality of life and higher standards of living. There are several factors which motivate Indians to migrate abroad. World Development Report by the World Bank also says that its viable for Indians to move abroad. To know more, watch the video.

Indians earn 120% more abroad : Report

The World Bank on Wednesday (April 12) announced a grant of $200 million for repairing Ukraine's energy infrastructure. In a statement, the World Bank said that Russia damaged over 50% of Ukraine's power infrastructure in attacks on its neighbour over the autumn and winter months. The statement added that Ukraine's east, where fighting is fiercest, has been particularly hard hit.

The World Bank added that the funds were provided by the Ukraine Relief, Recovery, Reconstruction and Reform Trust Fund (URTF), with a goal of up to $300 million in additional funding from partners "as the project expands its scope."

ALSO READ | <a href="https://www.wionews.com/world/imf-board-approves-156-billion-loan-for-war-torn-ukraine-577840">IMF board approves $15.6 billion loan for war-torn Ukraine</a>

Anna Bjerde, the World Bank Managing Director of Operations, said on Wednesday that energy infrastructure suffered $11 billion in damages over the last year and was one of the areas where Ukraine needed urgent support.&nbsp;

This announcement by the World Bank comes ahead of the spring meetings of the International Monetary Fund (IMF). During the event, Ukrainian President Volodymyr Zelensky thanked partners via video link for their support and urged further backing.

"By rebuilding what has been ruined, we defeat the goal of terror, we return the normal life," President Zelensky said.&nbsp;

On March 31, the IMF announced that it had approved a $15.6 billion support package for Ukraine, forming the fund's portion of a $115 billion overall support package.&nbsp;

A recent study by the World Bank, the United Nations (UN), the European Commission, and Ukraine said that the war-torn country would need an estimated $411 billion for recovery and reconstruction.&nbsp;

The sum is an increase on the $349 billion estimated in September last year and is likely to only grow as the war continues.

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The World Bank on Wednesday (April 12) announced a grant of $200 million for repairing Ukraine's energy infrastructure. In a statement, the World Bank said that Russia damaged over 50% of Ukraine's power infrastructure in attacks on its neighbour over the autumn and winter months.

The World Bank on Wednesday (April 12) announced a grant of $200 million for repairing Ukraine's energy infrastructure. In a statement, the World Bank said that Russia damaged over 50% of Ukraine's power infrastructure in attacks on its neighbour over the autumn and winter months. The statement added that Ukraine's east, where fighting is fiercest, has been particularly hard hit. The World Bank added that the funds were provided by the Ukraine Relief, Recovery, Reconstruction and Reform Trust Fund (URTF), with a goal of up to $300 million in additional funding from partners "as the project expands its scope." ALSO READ | IMF board approves $15.6 billion loan for war-torn Ukraine Anna Bjerde, the World Bank Managing Director of Operations, said on Wednesday that energy infrastructure suffered $11 billion in damages over the last year and was one of the areas where Ukraine needed urgent support. This announcement by the World Bank comes ahead of the spring meetings of the International Monetary Fund (IMF). During the event, Ukrainian President Volodymyr Zelensky thanked partners via video link for their support and urged further backing. "By rebuilding what has been ruined, we defeat the goal of terror, we return the normal life," President Zelensky said. On March 31, the IMF announced that it had approved a $15.6 billion support package for Ukraine, forming the fund's portion of a $115 billion overall support package. A recent study by the World Bank, the United Nations (UN), the European Commission, and Ukraine said that the war-torn country would need an estimated $411 billion for recovery and reconstruction. The sum is an increase on the $349 billion estimated in September last year and is likely to only grow as the war continues. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

World Bank announces grant of $200 million to repair Ukraine's energy infrastructure

A leaked recording suggested that the World Bank staff were apparently asked to give special treatment to the son of the high-ranking official after support was extended by the US Treasury to the $13 billion increase in the organisation's funding, as per a report published in The Guardian.

As per reports, the whistleblower has claimed that the 2018 staff meeting's recording suggests that the colleagues were asked by a senior manager to give special treatment to the son of David Malpass, who is currently the World Bank's president but at that time was serving the US Treasury under Donald Trump.

In the recording, the bank staff can be heard as calling 22-year-old Robert Malpass as a “prince” and “important little fellow”, who is likely to go “running to daddy” if things don't go well.

ALSO READ | <a href="https://www.wionews.com/world/world-bank-announces-grant-of-200-million-to-repair-ukraines-energy-infrastructure-581892">World Bank announces grant of $200 million to repair Ukraine's energy infrastructure</a>

Campaigners said that the leaked recording can undermine the mission of the World Bank, which includes combating the declining public trust in civic institutions through the promotion of good governance.

As per the report, the staff were informed that Robert was the son of David Malpass, the then undersecretary of the US Treasury, who had played an important role in guiding the World Bank in securing an endorsement for the multibillion-dollar capital injection.

The recordings further suggest that this may not be the first time an important global figure's family member was hired by the international development bank.

“Remember we had a ‘prince’ before … that is a subject for happy hour,” a staff member can be heard as saying. The World Bank stated that the contents revealed in the recording cannot be confirmed but added it was “both false and absurd” to draw a connection between the multibillion-dollar capital increase and an entry-level hire.

“We have a prince that is coming, that is joining us, on 16 July,” said a senior manager, one month before Robert Malpass started working with the International Finance Corporation (IFC), which is the World Bank Group's commercial-terms lending arm that lends to private sector businesses.

“I want to forewarn all of you this young, bright person is the son of the undersecretary of the US Treasury, which was beneficial for us in getting the capital increase,” the manager stated.

The manager then explains that Robert, who recently finished his undergraduate in economics from Cornell University, needs to be treated like a “very important little fellow” that might otherwise go “running to daddy” if things went wrong.

“We need to manage his education and we need to manage the lemon,” said the manager, referring to the pending role of Robert in the department.

WATCH | World Bank reforms to vastly expand lending

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“So we need to get work out of him, but we also need to make sure that he sees the world,” he can be heard as saying. When staff asks if Malpass intends to return to higher education, the manager replies “annoying[ly], he’s probably going to stay a year, or two years, and then he’s going to move to a hedge fund someplace. But in those two years, we need to make him happy and valuable and we need to teach him and so forth, all right? So that then I can go to his daddy, and then I get some bonus points.”

The whistleblower said that the leaked recording questions the way the World Bank Group is governed and how its largest member state influences it.

“The US, as the leading shareholder of the World Bank Group, is obligated to contribute to better corporate governance of the institution, but failed to do so. Special treatment destroys the morale of employees, especially among those in junior positions who suffer a lack of opportunities of advancement,” the whistleblower said.&nbsp; 
&nbsp;

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A leaked recording suggested that the World Bank staff were apparently asked to give special treatment to the son of the high-ranking official after support was extended by the US Treasury to the $13 billion increase in the organisation's funding, as per a report published in The Guardian.

A leaked recording suggested that the World Bank staff were apparently asked to give special treatment to the son of the high-ranking official after support was extended by the US Treasury to the $13 billion increase in the organisation's funding, as per a report published in The Guardian. As per reports, the whistleblower has claimed that the 2018 staff meeting's recording suggests that the colleagues were asked by a senior manager to give special treatment to the son of David Malpass, who is currently the World Bank's president but at that time was serving the US Treasury under Donald Trump. In the recording, the bank staff can be heard as calling 22-year-old Robert Malpass as a “prince” and “important little fellow”, who is likely to go “running to daddy” if things don't go well. ALSO READ | World Bank announces grant of $200 million to repair Ukraine's energy infrastructure Campaigners said that the leaked recording can undermine the mission of the World Bank, which includes combating the declining public trust in civic institutions through the promotion of good governance. As per the report, the staff were informed that Robert was the son of David Malpass, the then undersecretary of the US Treasury, who had played an important role in guiding the World Bank in securing an endorsement for the multibillion-dollar capital injection. The recordings further suggest that this may not be the first time an important global figure's family member was hired by the international development bank. “Remember we had a ‘prince’ before … that is a subject for happy hour,” a staff member can be heard as saying. The World Bank stated that the contents revealed in the recording cannot be confirmed but added it was “both false and absurd” to draw a connection between the multibillion-dollar capital increase and an entry-level hire. “We have a prince that is coming, that is joining us, on 16 July,” said a senior manager, one month before Robert Malpass started working with the International Finance Corporation (IFC), which is the World Bank Group's commercial-terms lending arm that lends to private sector businesses. “I want to forewarn all of you this young, bright person is the son of the undersecretary of the US Treasury, which was beneficial for us in getting the capital increase,” the manager stated. The manager then explains that Robert, who recently finished his undergraduate in economics from Cornell University, needs to be treated like a “very important little fellow” that might otherwise go “running to daddy” if things went wrong. “We need to manage his education and we need to manage the lemon,” said the manager, referring to the pending role of Robert in the department. WATCH | World Bank reforms to vastly expand lending “So we need to get work out of him, but we also need to make sure that he sees the world,” he can be heard as saying. When staff asks if Malpass intends to return to higher education, the manager replies “annoying[ly], he’s probably going to stay a year, or two years, and then he’s going to move to a hedge fund someplace. But in those two years, we need to make him happy and valuable and we need to teach him and so forth, all right? So that then I can go to his daddy, and then I get some bonus points.” The whistleblower said that the leaked recording questions the way the World Bank Group is governed and how its largest member state influences it. “The US, as the leading shareholder of the World Bank Group, is obligated to contribute to better corporate governance of the institution, but failed to do so. Special treatment destroys the morale of employees, especially among those in junior positions who suffer a lack of opportunities of advancement,” the whistleblower said. You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE

World Bank staff were asked to ‘specially treat’ son of Trump’s official: Report

World Bank on Tuesday (April 4) revised its forecast for India as it lowered the economic growth expectations in the current fiscal year that started on April 1 to 6.3 per cent from 6.6 per cent.&nbsp;

The international financial institution said that it expects that higher borrowing costs would hurt consumption. The World Bank said in a report: "Rising borrowing costs and slower income growth will weigh on private consumption growth."&nbsp;

"Government consumption is projected to grow at a slower pace due to the withdrawal of pandemic-related fiscal support measures," the report added.&nbsp;

World Bank also told a media outlet that in the second half of the last fiscal, India's growth will continue to be resilient. However, there will be moderation in growth.&nbsp;

Auguste Tano Kouame, who is World Bank's Country Director in India, told India-based media outlet NDTV that "whilst we have revised our forecast, India is still going to be one of the fastest-growing economies in the world".&nbsp;

As quoted, he also said that&nbsp;India wants to become an upper middle-income country by 2030 and a developed economy by 2047, for which it will need to grow at eight&nbsp;per cent.&nbsp;

WATCH |&nbsp;Economists: Manufacturing numbers indicate a recession soon&nbsp;

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The report mentioned that it projected the current account deficit to narrow to 2.1 per cent of gross domestic product for the current fiscal year from an estimated three per cent in the previous year.&nbsp;&nbsp;

World Bank economist Dhruv Sharma said that the impacts of the recent turmoil in financial markets in the United States and Europe pose&nbsp;a risk to short-term investment flows to emerging markets, including India. As quoted by news agency Reuters, Sharma said, "But Indian banks remain well capitalised."&nbsp;

(With inputs from agencies)&nbsp;

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World Bank on Tuesday (April 4) revised its forecast for India as it lowered the economic growth expectations in the current fiscal year that started on April 1 to 6.

World Bank on Tuesday (April 4) revised its forecast for India as it lowered the economic growth expectations in the current fiscal year that started on April 1 to 6.3 per cent from 6.6 per cent. The international financial institution said that it expects that higher borrowing costs would hurt consumption. The World Bank said in a report: "Rising borrowing costs and slower income growth will weigh on private consumption growth." "Government consumption is projected to grow at a slower pace due to the withdrawal of pandemic-related fiscal support measures," the report added. World Bank also told a media outlet that in the second half of the last fiscal, India's growth will continue to be resilient. However, there will be moderation in growth. Auguste Tano Kouame, who is World Bank's Country Director in India, told India-based media outlet NDTV that "whilst we have revised our forecast, India is still going to be one of the fastest-growing economies in the world". As quoted, he also said that India wants to become an upper middle-income country by 2030 and a developed economy by 2047, for which it will need to grow at eight per cent. WATCH | Economists: Manufacturing numbers indicate a recession soon × The report mentioned that it projected the current account deficit to narrow to 2.1 per cent of gross domestic product for the current fiscal year from an estimated three per cent in the previous year. World Bank economist Dhruv Sharma said that the impacts of the recent turmoil in financial markets in the United States and Europe pose a risk to short-term investment flows to emerging markets, including India. As quoted by news agency Reuters, Sharma said, "But Indian banks remain well capitalised." (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

World Bank lowers India FY24 growth forecast, but 'growth continues to be resilient'

With no rivals appearing as the nomination period came to an end, US Treasury Secretary Janet Yellen on Wednesday dismissed the notion of a short-term capital increase for the World Bank and predicted that US nominee Ajay Banga would be elected as the organization's next head.

World Bank reforms to vastly expand lending

Indian-American business leader Ajay Banga is poised to become the next President of the World Bank after the nomination period closed and no country proposed an alternate candidate for the prestigious post.

Indian-Origin Ajay Banga set to become World Bank Chief

In India during the past few decades, significant heat waves have been brought on by climate change. According to a World Bank assessment, India may soon be among the first countries in the world to face heat waves that exceed the threshold for human survival. The findings were published by the international bank in November last year under a report titled "Climate Investment Opportunities in India's Cooling Sector."

"Heat stress for humans is a combination of temperature and humidity," reports said quoting climate scientist Kieran Hunt.&nbsp;

Also Read | <a href="https://www.wionews.com/world/russia-shells-sloviansk-two-killed-and-29-wounded-official-576256">Russia shells Sloviansk, two killed and 29 wounded: Official</a>

Therefore to understand the effects of extreme heat waves&nbsp;on humans, Wet-bulb temperatures are used. This is an indicator which combines the relative humidity and temperature of the air. In comparison to air temperature alone, it offers a more precise measurement of heat stress on the human body.&nbsp;

According to the World Bank report analysis, India's wet-bulb temperatures rarely, if ever, rise beyond 32°C even during the greatest heat waves.&nbsp;However, according to climate models, these temperatures could exceed the survivability threshold of 35°C at a few locations in the Northern parts.

In fact, the report suggests that large areas of South Asia are likely to experience episodes with temperatures higher than 31°C, which is extremely dangerous for most humans.

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As early as 2030, 160-200 million people in India might be vulnerable to deadly heat waves if focused adaptation measures that give access to sustainable cooling are not taken.

There is no denying that nationwide temperatures have been rising at worrisome rates in recent years. The need for cooling is anticipated to increase by eight times by 2037. As a result, there will be a need for a new air conditioner every 15 seconds, which will increase yearly greenhouse gas emissions by 435 percent over the next two decades.

If carbon emissions stay high, heat waves in India are predicted to endure 25 times longer by 2036–2065, according to the G20 Climate Risk Atlas. India's rising temperatures will increase demand for cooling.

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According to a recent World Bank report, keeping spaces cool by 2040 could create an investment opportunity worth $1.6 trillion as India's temperatures rise steadily as a result of climate change. Additionally, this has the potential to generate nearly 3.7 million jobs and significantly lower greenhouse gas emissions.

“India’s cooling strategy can help save lives and livelihoods, reduce carbon emissions and simultaneously position India as a global hub for green cooling manufacturing,” said Auguste Tano Kouamé, the World Bank’s Country Director in India. “The report suggests a sustainable roadmap for cooling that has the potential to reduce 300 million tons of carbon dioxide annually by 2040.”

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In India during the past few decades, significant heat waves have been brought on by climate change. According to a World Bank assessment, India may soon be among the first countries in the world to face heat waves that exceed the threshold for human survival.

In India during the past few decades, significant heat waves have been brought on by climate change. According to a World Bank assessment, India may soon be among the first countries in the world to face heat waves that exceed the threshold for human survival. The findings were published by the international bank in November last year under a report titled "Climate Investment Opportunities in India's Cooling Sector." "Heat stress for humans is a combination of temperature and humidity," reports said quoting climate scientist Kieran Hunt. Also Read | Russia shells Sloviansk, two killed and 29 wounded: Official Therefore to understand the effects of extreme heat waves on humans, Wet-bulb temperatures are used. This is an indicator which combines the relative humidity and temperature of the air. In comparison to air temperature alone, it offers a more precise measurement of heat stress on the human body. According to the World Bank report analysis, India's wet-bulb temperatures rarely, if ever, rise beyond 32°C even during the greatest heat waves. However, according to climate models, these temperatures could exceed the survivability threshold of 35°C at a few locations in the Northern parts. In fact, the report suggests that large areas of South Asia are likely to experience episodes with temperatures higher than 31°C, which is extremely dangerous for most humans. Also Read | Iranian, Saudi foreign ministers to hold talks during Muslim holy month As early as 2030, 160-200 million people in India might be vulnerable to deadly heat waves if focused adaptation measures that give access to sustainable cooling are not taken. There is no denying that nationwide temperatures have been rising at worrisome rates in recent years. The need for cooling is anticipated to increase by eight times by 2037. As a result, there will be a need for a new air conditioner every 15 seconds, which will increase yearly greenhouse gas emissions by 435 percent over the next two decades. If carbon emissions stay high, heat waves in India are predicted to endure 25 times longer by 2036–2065, according to the G20 Climate Risk Atlas. India's rising temperatures will increase demand for cooling. Watch | Scotland: SNP to announce Nicola Sturgeon's successor × According to a recent World Bank report, keeping spaces cool by 2040 could create an investment opportunity worth $1.6 trillion as India's temperatures rise steadily as a result of climate change. Additionally, this has the potential to generate nearly 3.7 million jobs and significantly lower greenhouse gas emissions. “India’s cooling strategy can help save lives and livelihoods, reduce carbon emissions and simultaneously position India as a global hub for green cooling manufacturing,” said Auguste Tano Kouamé, the World Bank’s Country Director in India. “The report suggests a sustainable roadmap for cooling that has the potential to reduce 300 million tons of carbon dioxide annually by 2040.” WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

India could get heat waves that exceed threshold for human survival: Report

Visiting for the first time since US-nominated former MasterCard CEO to lead the World Bank Indian-origin Ajay Banga is returning to his native India today. On his meet, Ajay Banga will meet Prime Minister Narendra Modi, Finance Minister Nirmala Sitharaman and Minister of External Affairs S Jaishankar.

US pick World Bank Chief Ajay Banga to meet India's PM Modi, Finance Minister | World Business Watch

Roman Marshavin, executive director at the board of the world bank group representing Russia, says there are already over 15 names on the list. The president of the world bank is typically American, while the head of the IMF is customarily European. The development lender is accepting candidate nominations; and the process is set to run until 29th. A challenger would have little chance of succeeding, given that the U.S. & Europe can swing the votes in favour of a U.S. Nominee. However, a contest has symbolic significance. Many countries consider the election to be loaded in Washington's favour because of the non-transparent nature of the election process. The U.S. Is the world bank's largest shareholder.

Russia blocks Biden bid, will Indian-American Ajay Banga lead World Bank? All you need to know

The World Bank and India signed two complimentary loans on Friday (March 4)&nbsp;totaling US$&nbsp;500 million each, in order to strengthen and improve the nation's healthcare infrastructure, as per PTI reports.&nbsp;

The bank will support India's Pradhan Mantri-Ayushman Bharat Health Infrastructure Mission (PM-ABHIM), launched in October 2021, to improve the public healthcare infrastructure across the nation, through this combined financing of US$&nbsp;1 billion (roughly 8,200 crores), the multilateral funding agency said in a statement.

One of the loans would prioritise health service delivery in seven states, including Andhra Pradesh, Kerala, Meghalaya, Odisha, Punjab, Tamil Nadu, and Uttar Pradesh, in addition to the interventions at the national level, it stated.

Rajat Kumar Mishra, additional secretary for the department of economic affairs, and Auguste Tano Kouamé, country director for India at the World Bank, are listed as the signatories on the agreement.

ALSO READ |&nbsp;<a href="https://www.wionews.com/india-news/india-police-find-more-than-150-litres-of-holi-special-liquor-hidden-inside-a-pond-in-bihar-568487">India: Police find more than 150 litres of ‘Holi special’ liquor hidden inside a pond in Bihar</a>

The COVID-19 pandemic was a sharp reminder that pandemic preparedness is a global public good and brought to light the critical need for pandemic preparedness and health system improvement worldwide, according to Auguste Tano Kouamé.

According to the statement, the two projects are assisting India in its decision to strengthen the health system's capacity to withstand probable pandemics. It also added that this decision will have a significant beneficial effect on the individuals of the states taking part in the projects as well as have positive spillover effects on other states.

ALSO READ |&nbsp;<a href="https://www.wionews.com/india-news/intelligence-chiefs-of-25-countries-to-meet-in-delhi-by-march-end-568474">Intelligence chiefs from 25 countries met in India this week</a>

India has become more efficient over time in the area of health. 69.8 years in 2020, up from 58 in 1990, is greater than the average life expectancy for the country's socioeconomic level, according to World Bank projections.

Notwithstanding these improvements in the health of the Indian population, COVID-19 has emphasised the need for kickstarting, reforming, and building capacity for fundamental public health responsibilities, as well as for raising the standard and comprehensiveness of health care delivery, it stated.

(With inputs from agencies)

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The World Bank and India signed two complimentary loans on Friday (March 4) totaling US$ 500 million each, in order to strengthen and improve the nation's healthcare infrastructure, as per PTI reports.

The World Bank and India signed two complimentary loans on Friday (March 4) totaling US$ 500 million each, in order to strengthen and improve the nation's healthcare infrastructure, as per PTI reports. The bank will support India's Pradhan Mantri-Ayushman Bharat Health Infrastructure Mission (PM-ABHIM), launched in October 2021, to improve the public healthcare infrastructure across the nation, through this combined financing of US$ 1 billion (roughly 8,200 crores), the multilateral funding agency said in a statement. One of the loans would prioritise health service delivery in seven states, including Andhra Pradesh, Kerala, Meghalaya, Odisha, Punjab, Tamil Nadu, and Uttar Pradesh, in addition to the interventions at the national level, it stated. Rajat Kumar Mishra, additional secretary for the department of economic affairs, and Auguste Tano Kouamé, country director for India at the World Bank, are listed as the signatories on the agreement. ALSO READ | India: Police find more than 150 litres of ‘Holi special’ liquor hidden inside a pond in Bihar The COVID-19 pandemic was a sharp reminder that pandemic preparedness is a global public good and brought to light the critical need for pandemic preparedness and health system improvement worldwide, according to Auguste Tano Kouamé. According to the statement, the two projects are assisting India in its decision to strengthen the health system's capacity to withstand probable pandemics. It also added that this decision will have a significant beneficial effect on the individuals of the states taking part in the projects as well as have positive spillover effects on other states. ALSO READ | Intelligence chiefs from 25 countries met in India this week India has become more efficient over time in the area of health. 69.8 years in 2020, up from 58 in 1990, is greater than the average life expectancy for the country's socioeconomic level, according to World Bank projections. Notwithstanding these improvements in the health of the Indian population, COVID-19 has emphasised the need for kickstarting, reforming, and building capacity for fundamental public health responsibilities, as well as for raising the standard and comprehensiveness of health care delivery, it stated. (With inputs from agencies) WATCH WION LIVE HERE:

World Bank commits $1 billion to support India’s public healthcare infrastructure

The former CEO of Mastercard, who has been chosen by US President Joe Biden to lead the World Bank, has said that he plans to travel to Europe, Asia, Africa, and possibly Latin America in the coming weeks to talk with donor countries and borrowers about the problems facing the global institution.

Banga spoke to reporters at the US Treasury Department&nbsp;about how important it is to understand how climate change, poverty reduction, and inequality are all connected. He said that we can't have a strong economy until we deal with problems like nature, pandemics, instability, and food availability.

Banga's intent towards change

The World Bank is under increasing pressure to address climate change as a result of the controversy surrounding outgoing president David Malpass's initial refusal to recognise the scientific consensus on the subject.

ALSO READ | <a href="https://www.wionews.com/india-news/ajay-banga-whos-set-to-be-world-banks-head-used-to-earn-rs-52-million-per-day-566004">Ajay Banga, who's set to be World Bank's head, used to earn over Rs 5 million per day?</a>

This is why Banga was nominated. It is believed that Banga's connections to the private sector and his decades of experience in emerging economies will help a US-led effort to reform the 77-year-old institution.

The World Bank is under more pressure to deal with climate change because the outgoing president, David Malpass, first denied the scientific consensus on the subject.

Because of this, Banga was suggested. It is anticipated that Banga's contacts in business and his decades of experience working in developing nations will revitalise the US-led initiative to restructure the 77-year-old institution.

Banga will be in charge of billions of dollars in funds for aid to developing nations if he is elected president of the World Bank. The United States, the lender's largest shareholder, has chosen every World Bank president since the organization's founding at the end of World War II.

Banga also talked about a US-led effort to grow the bank's balance sheet and increase its ability to lend.

He said that the bank must follow the recommendations made by an independent commission for the Group of 20 major economies last year while still keeping the bank's AAA credit rating.

WATCH | Ajay Banga will start a visit to EU, Asia, Africa

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Ajay Banga's appointment as president of the World Bank is a very important chance to solve global problems like poverty, inequality, and climate change.

His long history of working in emerging markets and his connections to the private sector will help him a lot as he tries to get people behind the institution's mission and solve the tough problems that developing countries face.&nbsp;

You can&nbsp;now write for wionews.com&nbsp;and be a part of the community. Share your stories and opinions with us&nbsp;<a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

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The former CEO of Mastercard, who has been chosen by US President Joe Biden to lead the World Bank, has said that he plans to travel to Europe, Asia, Africa, and possibly Latin America in the coming weeks to talk with donor countries and borrowers about the problems facing the global institution.

The former CEO of Mastercard, who has been chosen by US President Joe Biden to lead the World Bank, has said that he plans to travel to Europe, Asia, Africa, and possibly Latin America in the coming weeks to talk with donor countries and borrowers about the problems facing the global institution. Banga spoke to reporters at the US Treasury Department about how important it is to understand how climate change, poverty reduction, and inequality are all connected. He said that we can't have a strong economy until we deal with problems like nature, pandemics, instability, and food availability. Banga's intent towards change The World Bank is under increasing pressure to address climate change as a result of the controversy surrounding outgoing president David Malpass's initial refusal to recognise the scientific consensus on the subject. ALSO READ | Ajay Banga, who's set to be World Bank's head, used to earn over Rs 5 million per day? This is why Banga was nominated. It is believed that Banga's connections to the private sector and his decades of experience in emerging economies will help a US-led effort to reform the 77-year-old institution. The World Bank is under more pressure to deal with climate change because the outgoing president, David Malpass, first denied the scientific consensus on the subject. Because of this, Banga was suggested. It is anticipated that Banga's contacts in business and his decades of experience working in developing nations will revitalise the US-led initiative to restructure the 77-year-old institution. Banga will be in charge of billions of dollars in funds for aid to developing nations if he is elected president of the World Bank. The United States, the lender's largest shareholder, has chosen every World Bank president since the organization's founding at the end of World War II. Banga also talked about a US-led effort to grow the bank's balance sheet and increase its ability to lend. He said that the bank must follow the recommendations made by an independent commission for the Group of 20 major economies last year while still keeping the bank's AAA credit rating. WATCH | Ajay Banga will start a visit to EU, Asia, Africa Ajay Banga's appointment as president of the World Bank is a very important chance to solve global problems like poverty, inequality, and climate change. His long history of working in emerging markets and his connections to the private sector will help him a lot as he tries to get people behind the institution's mission and solve the tough problems that developing countries face. You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE

World Bank Chief nominee Ajay Banga plans a world visit

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