World Bank’s New Chief Urges Faster Approvals and Focus on Climate Change
- On first day, Banga says the lender must evolve for challenges
- Former Mastercard CEO takes over with climate-change priority
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The new leader of the World Bank said the lender needs to speed up project-approval times that now stretch for two to three years as it works to address trillion-dollar global challenges such as climate change and inequality.
The bank needs to do more in less time, eliminating red tape and bureaucracy that slows its work, Ajay Banga said in a statement that was seen by Bloomberg News and shared with the staff on Friday, his first day as president.