The World Bank on Wednesday closed a one-month window for the nomination of its next president, with no replacement announced for Banga. The bank’s board is expected to announce the next steps in its selection process on Thursday, with a view to confirming a new leader by early May.
Yellen told lawmakers she hoped Banga would be elected president of the World Bank, charged with developing the institution to better address “21st century challenges”, including climate, pandemics, conflict and fragility. .
Banga, 63, who was born and educated in India but is now a US citizen, has already lobbied enough other governments, including Bangladesh, Britain, Colombia, Egypt, France, Germany, India, Italy, to ensure his confirmation. has gained the support of , Ivory Coast, Japan, Kenya, Saudi Arabia and South Korea.
Yellen also said Wednesday that US policy toward multilateral development banks’ energy finance is flexible and that some low-income countries may qualify to finance natural gas projects if renewable energy is not viable.