World Bank needs new playbook to boost private investment in emerging markets, new chief says

  • 📰 ChannelNewsAsia
  • ⏱ Reading Time:
  • 43 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 21%
  • Publisher: 66%

Singapore News News

Singapore Singapore Latest News,Singapore Singapore Headlines

WASHINGTON : The World Bank must use 'informed risk-taking' to encourage private investors to get more engaged in helping developing countries deal with climate change and leapfrog fossil-fuel energy sources, its new president, Ajay Banga, said on Sunday.Banga told CNN's 'Fareed Zakaria GPS' program that

WASHINGTON : The World Bank must use"informed risk-taking" to encourage private investors to get more engaged in helping developing countries deal with climate change and leapfrog fossil-fuel energy sources, its new president, Ajay Banga, said on Sunday.

Private sector capital was critical since funds from governments, philanthropies, the World Bank and other multilateral development banks would never suffice to help poor countries adapt to and mitigate climate change, said Banga, a former Mastercard CEO who took office on June 2. "What I think we have to do is ... to find ways in the MDB system to think of a different playbook - to take on the risks that they cannot take on," he said, noting that private companies were bound to deliver returns for shareholders and could not take on the risks involved, but the bank could help.

The Indian-born executive was nominated by the United States for the job precisely because of his previous work in the private sector, and he has pledged to identify barriers for greater investment and find ways to maximize the bank's impact.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 6. in SG
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

World Bank needs new playbook to boost private investment in emerging markets - Banga(Corrects name of program to CNN's 'Fareed Zakaria GPS', not CBS's 'Face the Nation' in paragraph 2, changes CBS to CNN in penultimate paragraph)By Andrea ShalalWASHINGTON :The World Bank must use 'informed risk-taking' to encourage private investors to get more engaged in helping developing countries
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »