US Treasury Secretary Janet Yellen mentioned she anticipated former Mastercard chief govt Ajay Banga to be elected president of the World Financial institution as nominations drew to a detailed.

Chatting with lawmakers on Wednesday, Yellen mentioned that if Banga secured the position, he can be “charged with accelerating our progress to evolve the establishment to raised handle Twenty first-century challenges”.

There have been no additional publicly declared candidates when nominations closed at 6pm in Washington. Though confidential nominations are potential, two folks conversant in the scenario mentioned they have been unaware of every other candidates in competition.

Whereas the US, the financial institution’s largest shareholder, has historically chosen the World Financial institution president, it requires backing by different member international locations.

Banga’s push for the job comes because the lender finds itself beneath hearth for failing to adequately handle the size of the worldwide local weather disaster whereas sustaining its mission to cut back poverty.

The financial institution’s present president, David Malpass, resigned from his submit virtually a 12 months early final month, having confronted intense stress over his refusal at a convention final September to say whether or not he believed people brought about local weather change. He later mentioned his feedback had been misinterpreted.

Banga has spent latest weeks on a “listening tour”, flanked by Treasury representatives, to tout his credentials and collect info that would put together him for the position.

In an interview with the Monetary Instances earlier this month, Banga mentioned the lender should do “the whole lot it might probably” to squeeze more money from its steadiness sheet whereas preserving its gold-plated credit standing.

A G20-commissioned report, launched final summer season, discovered multilateral growth banks, together with the World Financial institution, have been doubtlessly being extra conservative than vital to keep up their triple A credit standing from the three large ranking companies.

Banga mentioned he would push to safe non-public sector assist for tasks underwritten by the financial institution, whereas trying into the G20-commissioned report into the so-called “capital adequacy frameworks” of multilateral growth lenders such because the World Financial institution.

Earlier this 12 months, Yellen urged the financial institution’s management to “shortly” put in place reforms to liberate more cash to handle local weather change.