YouSaid · the spoken record

Ajay Banga

lines on the record: 47
first: 2023-10-11
most recent: 2023-10-11
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“I think for young people their future Their optimism is what excites me. For that to be channeled well and used well, they should use their time. They have one precious life and they should enjoy that life and learn as much as they can and do as much with their life as they possibly can. Take as many risks, thoughtful risks as you possibly can in your life and career. Don't allow yourself to get bored. It's only one life. Just don't allow yourself to do things you don't want to do.”
2023-10-11 · In Good Company with Nicolai Tangen · Ajay Banga President of World Bank: Poverty, development, BRICS and India · IDENTIFIED FROM THE TRANSCRIPT · source
“Briefing documents for a trip. If I were to get, you know, I get hundreds of pages by the time I'm going on a long trip and I read every page and every line and it matters. Now internalizing it all is not easy when you're an outsider, but I do read. I read outside of this. I love reading when I get a chance. I read everything from biographies to books about history to novels, just completely crappy novels to release my mind. I do all that. I listen to music of all types from Lady Gaga to queen to jazz to classical. I exercise, I travel, I love food. I collect wine.”
2023-10-11 · In Good Company with Nicolai Tangen · Ajay Banga President of World Bank: Poverty, development, BRICS and India · IDENTIFIED FROM THE TRANSCRIPT · source
“Listening, I listen to everybody, I talk to everybody I can. I'm curious. And I intake as much as I can from listening. I read.”
2023-10-11 · In Good Company with Nicolai Tangen · Ajay Banga President of World Bank: Poverty, development, BRICS and India · IDENTIFIED FROM THE TRANSCRIPT · source
“And I had told the board that I would give them 10 years. And then comes the World Bank. And I threw up all that. Jump off the deep end into a public sector kind of institution. With its own fairly interesting challenges to work on. I mean, if you don't call that risk-taking, and during this period, I've moved 10, 12 times. My elder daughter was in nine schools before she finished high school. My younger one in eight across continents. So, you know, I'm lucky. Risk taking is not just your own design, it's also your family who has to take those risks with you. And I've got a very supportive family. And that makes a huge difference.”
2023-10-11 · In Good Company with Nicolai Tangen · Ajay Banga President of World Bank: Poverty, development, BRICS and India · IDENTIFIED FROM THE TRANSCRIPT · source
“Oh, I've taken risks in my life and career all the way. If you think about leaving Nestle to join Pepsi, Nestle was a Swiss company, certain kind of fairly informed and careful culture, believing and investing in a country for 30 years kind of thing. Pepsi is far more American, far more of an aggressive company, did that, left that and joined Citibank. How many people do you know who would leave consumer products and go to a bank? And I did. And I enjoyed it thoroughly. And then just when I had an opportunity to be one of the candidates to become a future CEO of the bank, I left to join Mastercard, which at that time was 4,000 people and 20 billion a market cap. And I was leading a company, which is many times the size of that, both in terms of people and market cap and brand name. But it worked out fine. And then I, you know, after 12 years at Mastercard, I retired.”
2023-10-11 · In Good Company with Nicolai Tangen · Ajay Banga President of World Bank: Poverty, development, BRICS and India · IDENTIFIED FROM THE TRANSCRIPT · source
“Feeling that I want to do well, the feeling that I want to do good, the feeling that I can look at the mirror at the end of the day and say, I made a difference. It matters to me. It matters to me that the people I work with should care that my heart is in the right place, should care that I... Of success are very important to me.”
2023-10-11 · In Good Company with Nicolai Tangen · Ajay Banga President of World Bank: Poverty, development, BRICS and India · IDENTIFIED FROM THE TRANSCRIPT · source
“And I think the World Bank is very similar. Those five vertical practices I was telling you about, you know, people prosperity, planet, and infrastructure and digital, those are global practices. But delivering them locally every day on the ground is what our country teams do through country partnership frameworks and the like. And I think that's very important. One size fits all is not a good way to think and yet replicability and scalability of what does work adapted to the local market is kind of important. That's the only way you get speed in what you do.”
2023-10-11 · In Good Company with Nicolai Tangen · Ajay Banga President of World Bank: Poverty, development, BRICS and India · IDENTIFIED FROM THE TRANSCRIPT · source
“All through, I mean, I always believe it's not just India, it is you have to think through what makes that country, that situation tick, and then see whether what you're delivering can be tailored. So I used to call this in my old life in Mastercard. I used to call it global, as in global thinking, local execution”
2023-10-11 · In Good Company with Nicolai Tangen · Ajay Banga President of World Bank: Poverty, development, BRICS and India · IDENTIFIED FROM THE TRANSCRIPT · source
“That's a great point. So, not only is it big volumes low price, it's low unit price, which is important because a lot of people will not buy a 500 gram pack of Ness Cafe, but they will buy a 100 gram refilled sachet of Ness Cafe five times. Get to the same coffee consumption, end up paying more in total per gram, but actually in affordable quantities that they can put the money into. So it's not just volumes. It's volumes at the right unit price that matter.”
2023-10-11 · In Good Company with Nicolai Tangen · Ajay Banga President of World Bank: Poverty, development, BRICS and India · IDENTIFIED FROM THE TRANSCRIPT · source
“It might well be worth trying. Don't just take no for an answer and move on to the next item. Have a little bit of perseverance came from him. Another one that came from him was investing in people. He used to invest in trusting you, empowering you, caring for you, curiosity, ask you a question, you know, push the envelope. Grow. And he was ambitious always. He always had an ambitious plan. And I think that combination came from Barry. I still think the world of Barry Ryan is still alive and living in Ireland and just an amazing man.”
2023-10-11 · In Good Company with Nicolai Tangen · Ajay Banga President of World Bank: Poverty, development, BRICS and India · IDENTIFIED FROM THE TRANSCRIPT · source
“Oh, many others. My first real boss's bosses boss at Nestl, a guy called Barry Ryan, who was the managing director of Nestle in India when I was young management trainee. Completely hands on man. Main levels above me, but he taught me a couple of things. One of the things he taught me was never take no for an answer. He said, you know, just because someone tells you that this was tried 10 years ago and it didn't work doesn't mean it won't work today or doesn't mean it wasn't badly executed. So use your brains and see if something has changed between then and now are the assumptions still valid? If not,”
2023-10-11 · In Good Company with Nicolai Tangen · Ajay Banga President of World Bank: Poverty, development, BRICS and India · IDENTIFIED FROM THE TRANSCRIPT · source
“Have clear guide rules and vision on which you agree so that everybody is rowing in that direction, but then, and also guide rules on how to engage and where the risk-taking should be, and then let them take decisions and, you know, they will make mistakes. The trick is, can you tell them, if you make a mistake, let me know and I will help you. Hiding a mistake is kind of not a good thing. And so finding the right balance in all these communications with your folks is pretty important.”
2023-10-11 · In Good Company with Nicolai Tangen · Ajay Banga President of World Bank: Poverty, development, BRICS and India · IDENTIFIED FROM THE TRANSCRIPT · source
“People are the most important thing. I am a believer that if you empower people and if you choose them well and you give them the runway to succeed and you make them feel that your hand is on their back and not in their face, they will pay you back many times over in spades.”
2023-10-11 · In Good Company with Nicolai Tangen · Ajay Banga President of World Bank: Poverty, development, BRICS and India · IDENTIFIED FROM THE TRANSCRIPT · source
“I think by watching and by caring about it, you absolutely begin to enjoy it. So I don't know whether it's teaching or learning as much as enjoying. The process and enjoying what you learn from people. I love it. I get my energy from people.”
2023-10-11 · In Good Company with Nicolai Tangen · Ajay Banga President of World Bank: Poverty, development, BRICS and India · IDENTIFIED FROM THE TRANSCRIPT · source
“And I think that's an interesting combination to pick up as you grow up. You kind of drink it in subliminally, you watch him, it comes into you. It's not something that he sits down in a podcast and tells you about, but you do drink it up.”
2023-10-11 · In Good Company with Nicolai Tangen · Ajay Banga President of World Bank: Poverty, development, BRICS and India · IDENTIFIED FROM THE TRANSCRIPT · source
“Does because of the flexibility you learn? The second thing that it did was I washed my dad and two or three things do come through. One is the idea of discipline in your life. Having a plan, trying to do things with it, caring about the plan, thinking things through very important, but also leadership. In the army, you're really leading people into danger. You're encouraging them to go towards danger. And that is not an easy form of leadership. And knowing how to take people with you is what I used to watch him doing and his way of doing it, which I think I've tried to internalize, was one curiosity in everybody. He had the same curiosity for the visiting general that he had for the guard at our gate. Kind of interested in people. And the second was his willingness to relate to them and learn from each of them, which made him better. This was second nature to him. But he was disciplined. He knew how to give an order and he knew how to take an order.”
2023-10-11 · In Good Company with Nicolai Tangen · Ajay Banga President of World Bank: Poverty, development, BRICS and India · IDENTIFIED FROM THE TRANSCRIPT · source
“My dad served all his life, his working life until he retired and then went on into medical research and hospitals. You move often. My father moved every two or three years. So one of the things you learn very quickly is to make new friends, to try and find a way to become a part of a group in a school, to try and adjust and sort of become flexible in who you are. That I believe I did pick up. I just think it's... Second nature when you move that often”
2023-10-11 · In Good Company with Nicolai Tangen · Ajay Banga President of World Bank: Poverty, development, BRICS and India · IDENTIFIED FROM THE TRANSCRIPT · source
“I said, you know what, this is life's dealt me this. Fortunately, I had no loans and no debt. So that is very helpful and a matter of stability and a very supportive family. And then I ended up in Mastercard. And Mastercard did well. And now I look back and I'm very fortunate. When I tell everybody that life is 50% luck, the other 50% is what you do with the luck and how you handle it. But you've got to have the luck and I got the luck.”
2023-10-11 · In Good Company with Nicolai Tangen · Ajay Banga President of World Bank: Poverty, development, BRICS and India · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, that's true of a lot of people, but I moved overseas relatively later. I studied and worked in India for many years and came out in the year 1996 when I was about 36, 37 years old with Citibank to come to London. And then worked with Citibank for the next 13, 14 years before the next 12 years at MasterCard. And when I first came out with Citibank, even though I was a middle and senior middle level executive, I didn't really bring much, you couldn't bring any money out of India and comp in India was relatively small. So I really had to build myself up with Citibank's performance. And I got paid in stock. And as the years went by, I did get paid a certain percentage of my income in stock. And it accumulated really nicely because the share did well and the bank was doing really well. And that allowed me to reach a substantial amount of wealth for me at that time, so much so that, you know, another couple of years of that, and I could have been out of...”
2023-10-11 · In Good Company with Nicolai Tangen · Ajay Banga President of World Bank: Poverty, development, BRICS and India · IDENTIFIED FROM THE TRANSCRIPT · source
“I do. I believe that not only for the purpose of employees feeling that they have skin in the game and they own a part of what this institution is doing, but also I think for them to feel the pain and the pleasure of the company's performance. What you have to do, however, is to make sure that in the process you don't incent them to do short-term things, to goose prices. That's not a good thing. So ensuring, like in everything else, like our discussion on AI regulation, balance and guide rails are really important, but allowing people to feel that they're a part of growth and success to me is quite important in the private sector.”
2023-10-11 · In Good Company with Nicolai Tangen · Ajay Banga President of World Bank: Poverty, development, BRICS and India · IDENTIFIED FROM THE TRANSCRIPT · source
“So Niggler, my first year or so that I was there, the bank had, the Mastercard had just done its IPO a year, year and a half earlier and had come out from being owned by banks to being publicly owned. And the level of penetration of stock ownership plans was in the tens of people. By the time I left, it was in the tens of thousands of people. And because the stock did well as we started this discussion, those who got stock early, of course, benefited even more. Those who got stock later in the cycle still benefited. I mean, listen, if you didn't get a 16X, but you got a 5x, I'll take it every day of the week. If you got a 2x, I would take it every day of the week”
2023-10-11 · In Good Company with Nicolai Tangen · Ajay Banga President of World Bank: Poverty, development, BRICS and India · IDENTIFIED FROM THE TRANSCRIPT · source
“Many different ways. I mean, you look at how long it takes for a project to go from conception to approval to implementation. I consider that to be in some cases interminably long. Now, some of the reason that it's so long is the complexity. That's different. And there's one thing I'm telling everybody in the bank. Development delayed is development denied. And I think comprehending the social value of getting things done and getting them done quickly is quite important. You come to my office, you'll find I've got three little pieces of paper. One says done is better than perfect. One says fail, smart and fail often. And one says, take the risk. And I believe in these. And I believe in them. In the manner that empowers people to do something with them.”
2023-10-11 · In Good Company with Nicolai Tangen · Ajay Banga President of World Bank: Poverty, development, BRICS and India · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, but they do. If you encourage people to think about them as part of who they want to be, they may not be at the same level. You may not have the same independence or the ability to take a decision as quickly because you have to involve more people in the public sector, just given the nature of the transparency. But the fact that you should be faster than you are today, the fact that you should be taking more thoughtful risks than you may be taking today, the fact that you should hold measurement of accountability and empowerment with you, I think those are pretty good values.”
2023-10-11 · In Good Company with Nicolai Tangen · Ajay Banga President of World Bank: Poverty, development, BRICS and India · IDENTIFIED FROM THE TRANSCRIPT · source
“For a leader, the values were three. The first one was the willingness to have a sense of urgency, meaning listen to people, take their opinion, but have a sense of urgency about taking a decision. Second big value was thoughtful risk taking. So you're never going to have perfect information, but you collect the information you can and you have to be willing to take a risk because without risk there is no reward and no arbitrage, which means that comes a third value, you will make mistakes. When you take risk, you will not always win. If you make a mistake and you don't always win, it's okay because the idea is that empowerment and accountability go with your ability to take a thoughtful risk.”
2023-10-11 · In Good Company with Nicolai Tangen · Ajay Banga President of World Bank: Poverty, development, BRICS and India · IDENTIFIED FROM THE TRANSCRIPT · source
“Into civil society in various ways. But in my new life in the public sector, civil society is an important part Transparency using taxpayer money.”
2023-10-11 · In Good Company with Nicolai Tangen · Ajay Banga President of World Bank: Poverty, development, BRICS and India · IDENTIFIED FROM THE TRANSCRIPT · source
“There's lots Nicola that's in common. I mean, the idea of involving people and communicating with clarity, simplicity of vision, repetitive communication to make sure you take people with you, putting your arm around them to inspire them. The whole idea of people and culture, very, very interesting. Measuring things. So if you have a simple vision of what you want to get done, having measurements that are clear and transparent to your people, very important. And celebrating success, very important. You know, there's no difference between the private and the public sector on these aspects. What's different is who are you dealing with? In the private sector, your investors, your board where a certain type of constituency. Civil society in the recent past has become more important to the private sector and companies like MasterCard had embraced financial inclusion and inclusive growth earlier. So we were”
2023-10-11 · In Good Company with Nicolai Tangen · Ajay Banga President of World Bank: Poverty, development, BRICS and India · IDENTIFIED FROM THE TRANSCRIPT · source
“Oh, these are critical. I mean, look, less cash in the economy leads to more transparency in an economy. I used to joke about this, but it's not really a joke, that cash is the friend of the rich person, not the poor person, because the poor person in a cash economy doesn't get counted. If they don't have an ID, if they're in a cash economy, they don't get counted, they don't get access to credit, they don't get insurance, they don't get the things you and I take for granted. And so to me, an identity, which is digital, not just for financial... Services the state offers for healthcare, all that is important to me. Doing it in a way that protects the privacy of a citizen and is cyber safe as well in today's world of cybersecurity is kind of important. So this has to be done the right way. But I think a digital ID is foundational”
2023-10-11 · In Good Company with Nicolai Tangen · Ajay Banga President of World Bank: Poverty, development, BRICS and India · IDENTIFIED FROM THE TRANSCRIPT · source
“No, sir, not in the short term. But would the knowledge that comes from AI be useful to them? For sure. Will they then need to build or partake of some of that infrastructure to enable that knowledge to be converted to tangible benefits for their citizenry? Probably yes. But, you know, Nikolai, you can't hold back these things. And I think you should embrace them as part of spreading knowledge.”
2023-10-11 · In Good Company with Nicolai Tangen · Ajay Banga President of World Bank: Poverty, development, BRICS and India · IDENTIFIED FROM THE TRANSCRIPT · source
“I think that technology of this type is a democratizer of that kind of thing. I mean, look at Google when Google came. Prior to Google, you had to have an encyclopedia Britannica to figure out where Galapagos was. How many people could afford an Encyclopedia Britannica? But now it's free. You just go onto Google, type it in. Not only do you know where it is, you get 50,000 items to learn about them. So I believe that technology of this type democratizes knowledge and enables knowledge and the benefit of that knowledge to spread far and wide. So I'm all for it.”
2023-10-11 · In Good Company with Nicolai Tangen · Ajay Banga President of World Bank: Poverty, development, BRICS and India · IDENTIFIED FROM THE TRANSCRIPT · source
“I think AI and technology of this type is definitely part of the evolution. You've got to embrace it. And if you think of all the good users of data, there's enormous from health to climate to development to learning. But like everything else, technologies unchecked can have consequences that don't always work very well. And I think thinking our way through how to create guiderails that allow innovation to grow in the field, but also ensure that the technology does the right things and is focused on the good that it's meant to do is going to be quite important.”
2023-10-11 · In Good Company with Nicolai Tangen · Ajay Banga President of World Bank: Poverty, development, BRICS and India · IDENTIFIED FROM THE TRANSCRIPT · source
“But also in its financial generosity, and you know, everything from its contribution to the bank's general capital to its willingness to step up for the new instruments like hybrid capital that we are discussing are very much a part. They're also big contributors to IDA. And I'm here to meet the development minister, the central bank governor, and the prime minister tomorrow. The second part of what I'm here to do is to attend the Nordic Baltic Governors meeting, which is the finance and development ministers of the Nordic and Baltic countries. And the World Bank President kind of tries to meet them once a year and really come up to speed on what they're interested in, what we are trying to do, because they are a very strong constituency of support for the bank.”
2023-10-11 · In Good Company with Nicolai Tangen · Ajay Banga President of World Bank: Poverty, development, BRICS and India · IDENTIFIED FROM THE TRANSCRIPT · source
“Somebody has two things. One is to meet Norway and the country, and Norway has been both a thought leader but also a financial contributor and a thought leader in terms of gender and climate and domestic resource mobilization, topics that the Norwegian government and its people hold pretty dear.”
2023-10-11 · In Good Company with Nicolai Tangen · Ajay Banga President of World Bank: Poverty, development, BRICS and India · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, from the World Bank's point of view, very clearly, there's a lot of focus on MDB reform. And the message that came across clearly was that the G20 is solidly behind the idea of this poverty on a livable planet, but also about trying to ensure that a better bank working the right way should get the support of the G20 to also be a bigger bank. And I think the reality is the kind of money that's going to be required in these intertwined crises to really make a difference. There's not enough money in government or MDBs alone. We need more, for sure, but there's not enough in these. You have to get the private sector involved in a way that makes sense for the private sector because their capital and their ingenuity, whether they're operators or their long-term investors, is going to be part of the solution.”
2023-10-11 · In Good Company with Nicolai Tangen · Ajay Banga President of World Bank: Poverty, development, BRICS and India · IDENTIFIED FROM THE TRANSCRIPT · source
“My empathy is important, my clarity of vision is important, my leadership is important, but even more important are the people who back me up.”
2023-10-11 · In Good Company with Nicolai Tangen · Ajay Banga President of World Bank: Poverty, development, BRICS and India · IDENTIFIED FROM THE TRANSCRIPT · source
“and then ran Global Consumer for Citibank and then ran Asia for Citi in 0708-09. So as it turns out, even before I became the CEO of MasterCard and had a global job, this thing of living in the emerging markets and understanding them, I've learned in the last few months of travel that both countries as well as the individuals in those countries do have a respect for my knowledge on the ground. I do actually think I bring knowledge and expertise of what it's like. But, you know, I'm not the only guy who's an expert in the World Bank. The World Bank has 40,000 between our full-time and our contractors and consultants. 40,000 people doing this. 55% of whom live outside of the US, in-country, working on the ground with country partnership frameworks and strategies and projects and development. Those guys are the experts. So my understanding is important.”
2023-10-11 · In Good Company with Nicolai Tangen · Ajay Banga President of World Bank: Poverty, development, BRICS and India · IDENTIFIED FROM THE TRANSCRIPT · source
“I am surprised by how much of a difference it does make. I think it's not just the fact that I'm an Indian by birth, but I did grow up in India. I was educated there, and I spent the first 15, 16 years of my life working there. And then from there, I got involved with other emerging markets. I ran Central Europe, Middle East Africa for Citibank.”
2023-10-11 · In Good Company with Nicolai Tangen · Ajay Banga President of World Bank: Poverty, development, BRICS and India · IDENTIFIED FROM THE TRANSCRIPT · source
“It's very problematic because you have to get, first of all, a clear comprehension of what is the debt. When are the payments due and how much? So, the first real issue is transparency. Just getting the data right. Now, Zambia recently announced a debt restructuring. It did take everyone to put data transparently on the table, bilateral creditors, including China and others, multilateral creditors and commercial creditors. And when you put that all together and you looked at what was required and then you restructured that and people have to take a haircut, including the commercial creditors,”
2023-10-11 · In Good Company with Nicolai Tangen · Ajay Banga President of World Bank: Poverty, development, BRICS and India · IDENTIFIED FROM THE TRANSCRIPT · source
“I should be doing something similar with the African Development Bank. I should be doing something similar with AIIB and so on. And that's what I'm trying to set up. I don't believe... This is an issue of us versus them or them versus somebody else. It's about how can we do this better together.”
2023-10-11 · In Good Company with Nicolai Tangen · Ajay Banga President of World Bank: Poverty, development, BRICS and India · IDENTIFIED FROM THE TRANSCRIPT · source
“From the point of view of the World Bank, my belief is that the challenges in the world around that idea of eradicating poverty on a livable planet are way too big for us to get caught up in competitive issues on development. I don't believe that's the issue. I think we need more shoulders at the wheel. What I wouldn't want is fragmented shoulders because scale does matter in development and change. But I would want more shoulders of the wheel. The question is, can we work better together to help aim at some of these things? So for example, the Inter-American Development Bank, which operates primarily in Latin America, we have just done a deal with them by which we will focus together on the Amazon, on issues with climate in the Caribbean and its impact on the Caribbean nations, and how to use digital technology in the first case to help childhood learning and reduce the impact of what the pandemic caused. Now, that's one example.”
2023-10-11 · In Good Company with Nicolai Tangen · Ajay Banga President of World Bank: Poverty, development, BRICS and India · IDENTIFIED FROM THE TRANSCRIPT · source
“There have been adjusted in prior capital raising. The last capital raising was 2018. And I think the US came down a little and so did Europe and some of the other countries went up. Is there a possibility that they should be adjusted further? Absolutely. Will it happen in the near future? No idea. It depends when the next capital increase comes through. And then really these shareholders have to agree on an appropriate shareholding pattern. It's really not for management to be in that. It's their shareholding.”
2023-10-11 · In Good Company with Nicolai Tangen · Ajay Banga President of World Bank: Poverty, development, BRICS and India · IDENTIFIED FROM THE TRANSCRIPT · source
“The shareholding of the International Bank of Reconstruction and Development, IBRD, is what you're referring to. And that is the US between 16 and 17. Japan is around seven. China is around five. And then there's a sliding scale down there of the other countries and their shareholding. And the real challenge comes down to how do you manage these diverse shareholders? There is therefore a voting power that is reflected in that shareholding. But that actually just a way to settle an issue in terms of voting. But in actual fact, what it means is that all the shareholders have a point of view on where they think the priority should go, what they think we should do, what they think we shouldn't do. Managing that. An important part of what you do”
2023-10-11 · In Good Company with Nicolai Tangen · Ajay Banga President of World Bank: Poverty, development, BRICS and India · IDENTIFIED FROM THE TRANSCRIPT · source
“Money comes from donor countries That's where it starts from. That's what they call the capital of the bank. And then the retained earnings of the bank over the years adds to that capital. And then we leverage that up through bonds, bonds like the ones that Norway and your institution buy. And these bonds, because we are rated at a AAA credit rating, they can be taken in at a relatively good price. And that enables the mix of financing across the poorer countries and others that we can use for different funding needs. So really it's the generosity of the taxpayers in the More developed world that starts the process of how the bank raises its money.”
2023-10-11 · In Good Company with Nicolai Tangen · Ajay Banga President of World Bank: Poverty, development, BRICS and India · IDENTIFIED FROM THE TRANSCRIPT · source
“That's bridges and tunnels and ports and roads and digital, and the fifth one, which is digital infrastructure, but also the use of digital to help in governance as well as consumers and businesses. Sixth is not a vertical, it's across the bottom, and it measures the result of these five on things like gender and equality of gender, on jobs for young people, on carbon emissions avoided. So think of the bank as doing this, people, prosperity, planet, infrastructure, digital infrastructure, caring about the result on gender, young people, and carbon emissions kind of stuff. That's the bank's role.”
2023-10-11 · In Good Company with Nicolai Tangen · Ajay Banga President of World Bank: Poverty, development, BRICS and India · IDENTIFIED FROM THE TRANSCRIPT · source
“So essentially through a process of consulting with civil society and government. And that's where you come through this process. The one thing I will tell you, Nicola, back to the point of what does the bank do well, and it's this knowledge dissemination, think of it as those being five verticals of what we do well. The first one is focusing on people, education, health, social benefit programs, that kind of stuff. The second one is prosperity in the world. That is jobs, economic growth, credit for small businesses, financial inclusion, develop capital markets and helping to develop them in a country that. The third is the planet. That's mitigation, adaptation. It's not just energy, but it's also methane and it's all the practices around biodiversity and the like. The fourth one is infrastructure.”
2023-10-11 · In Good Company with Nicolai Tangen · Ajay Banga President of World Bank: Poverty, development, BRICS and India · IDENTIFIED FROM THE TRANSCRIPT · source
“So, what I'm trying to do is to take the bank to remain focused on poverty and eradicating poverty, but on a livable planet. And what I mean by a livable planet is to widen the aperture of the bank's way of thinking to include climate change, to include pandemics and their aftermath, to include fragility and refugees and food insecurity. So these intertwined nature are what we are focused on.”
2023-10-11 · In Good Company with Nicolai Tangen · Ajay Banga President of World Bank: Poverty, development, BRICS and India · IDENTIFIED FROM THE TRANSCRIPT · source
“So, this is a very good question. In my case, it's the members of the executive board. There's 25 of them who represent the countries. Some countries get individual EDs. Others share an ED with a bunch of other countries. It's them in truth who are the governance model for the head of the bank.”
2023-10-11 · In Good Company with Nicolai Tangen · Ajay Banga President of World Bank: Poverty, development, BRICS and India · IDENTIFIED FROM THE TRANSCRIPT · source
“So the World Bank is an institution that has five components to it and it was created back in the late 40s after the Second World War essentially to help reconstruct Europe and Japan. Somewhere along the line has that moved pretty well by the 60s, it re-diverted its focus onto eliminating poverty and spreading prosperity in the emerging and developing world. So the institutions at the bank, the first one is the International Bank of Reconstruction and Development. That is what was formed back in the late 40s. And then there's IDA, which is the International Development Agency, which the difference between the two is IDA is concessional and lower price financing, including a lot of grants and basically zero cost financing for poorer, the poorest countries.”
2023-10-11 · In Good Company with Nicolai Tangen · Ajay Banga President of World Bank: Poverty, development, BRICS and India · IDENTIFIED FROM THE TRANSCRIPT · source