The World Bank's India head Junaid Kamal Ahmad has been appointed as a Vice President of the international lending institution.
Ahmad, who as Vice President, Operations would head the Multilateral Investment Guarantee Agency (MIGA), is only the second Bangladeshi national to be appointed to such a high position in the history of the bank. Ahmad will assume his new role from April 16, an official release said.
Faisal Chaudhary was the first Bangladeshi national who became the vice president on the operational side.
In this role, Ahmad will work to advance and enhance MIGA's brand partnering across the World Bank Group and with financial institutions, private investors and development actors; originate and pursue meaningful, impact-driven projects and lead the Operations team to deliver on MIGA's mandate of mobilising private finance for development projects in Emerging Market Developing Economies, the bank said in a statement.
"Our (World Bank's) partnership with India is allowing us to learn and to share the learnings around the world. The most important is, as India's economic development happens, the impact on global growth and poverty is very important," Ahmad, who has been the country director for the World Bank in India since September 2016, told PTI in an interview.
"So, a country director of India overseeing such a program really is someone who is able to then begin to think about more leadership roles within the World Bank. So, the experience of India has been extremely important in offering me that experience and that perspective," he said in response to a question.
Ahmad noted that the challenge in financing development is one of mobilising long-term capital markets.
"If you look at the challenges of development, whether it's dealing with the pandemic, dealing with climate change, dealing with infrastructure, all of this will require long-term money," he said.
"The money that's needed is far more than what public finance can give. So, the name of the game is turning into how do you leverage public finance to bring in long-term capital into development. The way to do it is to de-risk development," he said.
In its statement, the bank said Ahmad brings to this post deep experience and understanding of international development and an exemplary track record of thought leadership and service to World Bank Group client countries.
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