While in Japan, Banga met virtually with South Korea's Deputy Prime Minister and Finance Minister Choo Kyung-Ho.
The Treasury said Banga will visit New Delhi on March 23 and 24, where his likeness has already been posted on billboards. He will meet with Prime Minister Narendra Modi as well as the minister of finance, Nirmala Sitharaman, and the minister of external affairs, Subrahmanyam Jaishankar.
Reports from Washington said 63-year-old Banga, who is nominated by US President Joe Biden to head the Bank, is due to visit China to meet officials of the People's Bank of China to seek Beijing's support for his candidature.
In order to address these issues, "trillions of dollars a year," will be required, Ajay Banga said, adding that these investments should be "larger than what multilateral banks have, larger than what even the most generous governments, including the Japanese government, have. We have to involve the private sector."
Women's participation in the workforce has almost halved to 19 percent in the last three decades. Experts say work-life balance issues, gender role expectations and socio-economic imbalances in India are leading to the exodus.
At the current pace, it will take at least 50 years to close the legal gender gap when it comes to economic participation, shows data.
The earthquake has also compounded myriad other troubles in Syria, where the nearly 12-year civil war has killed nearly half a million people and displaced half the country's pre-war population of 23 million.
The World Bank will support Pradhan Mantri-Ayushman Bharat Health Infrastructure Mission (PM-ABHIM) to improve the public healthcare infrastructure across the country, the multilateral funding agency said in a statement.
“There’s enough scientific evidence that I’m a big believer in,” Ajay Banga said in a group interview Thursday at the US Treasury Department, adding that poverty alleviation and environmental issues are “intertwined.”
"Congratulations to Ajay Banga on being nominated to lead World Bank. India supports Banga's nomination and looks forward to his leadership of the World Bank," the Finance Ministry said in a tweet.
The amount is equivalent to four percent of Turkey's GDP in 2021, the Washington-based institution said, adding that the estimate does not account for the costs of reconstruction that were "potentially twice as large," a statement said.
Ajay Banga has been nominated to preside over the World Bank in trying times. Can he tilt the governance of the Bretton Woods institutions towards emerging and developing economies?
Malpass said that the private sector should be enabled that means more space for small and medium businesses and more women in labour force.
The new grammar of political reforms and governance is an evolving rule book that will have implications on how economic progress gets translated into social equalities, an area that Banga may like to spend some time on in the World Bank
Ajay Banga, currently vice chairman at private equity firm General Atlantic, has more than 30 years of business experience, having served in various roles at Mastercard and the boards of the American Red Cross, Kraft Foods and Dow Inc. He is the first Indian-born nominee to the World Bank president role.
US President Joe Biden nominated former Mastercard Inc CEO Ajay Banga to lead the World Bank, betting the India-born executive's ties to the private sector and emerging markets will jump-start the institution's overhaul to better address climate change.
Joe Biden's choice to lead the World Bank should depart from prevailing wisdom on prioritising climate change, and instead recognise the sucess achieved in financing public health interventions
The World Bank is an international financial institution that provides loans to low and middle income countries for the purpose of pursuing capital projects.
Trinamool leader Derek O’Brien took to Twitter to trace Ajay Banga's humble journey from a Nestle executive in Kolkata, 30 years ago, to leading the World Bank.
Banga is the first Indian-born nominee to the World Bank president role. If elected, he will be succeeding David Malpass, a Donald Trump-era appointee who would be stepping down in June 2023.
She said it was important that there is a transparent and swift nomination process for that.
The 25-member board, under pressure to reform its operations to respond more aggressively to climate change and other global challenges, met for several hours on Wednesday to finalize its selection criteria and a timeline for the process.
Malpass, appointed by former President Donald Trump, will depart the multilateral development bank, which provides billions of dollars a year in funding for developing economies, by the end of June. His five-year term was due to end in April 2024.
Indian Railways missed its asset monetisation target in 2021-22. This is likely to be repeated in 2022-23 as well, when against a target of Rs 57,000 crore, it will likely raise only around Rs 20,000 - 25,000 crore.
MEA spokesperson Arindam Bagchi responded to the World Bank amidst ongoing renegotiations of Indus Waters Treaty. India expressed its intention to renegotiate the six decades-old Indus Waters Treaty with Pakistan owing to its “intransigence” in handling disputes. Listen to what he had to say about World Bank’s role in the conflict.