World Bank Indian Director Junaid Kamal Ahmad appointed vice president of operations : The Tribune India

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PTI

Washington, February 26

The Indian director of the World Bank, Junaid Kamal Ahmad, has been appointed vice president of the international lending institution.

Ahmad, who as vice president of operations would head the Multilateral Investment Guarantee Agency (MIGA), is only the second Bangladeshi national to be appointed to such a senior position in the bank’s history. Ahmad will assume his new role from April 16, according to an official statement.

Faisal Chaudhary was the first Bangladeshi national to become vice president on the operational side.

In this role, Ahmad will work to advance and enhance MIGA’s brand partnership across the World Bank Group and with financial institutions, private investors, and development actors; create and pursue meaningful, impact-oriented projects and lead the operations team to fulfill MIGA’s mandate to mobilize private finance for development projects in emerging developing economies, the bank said in a statement. .

“Our (World Bank) partnership with India allows us to learn and share learnings around the world. Most importantly, as India’s economic development happens, the impact on global growth and poverty is very significant,” said Ahmad, who has served as the World Bank’s Country Director in India since September 2016, to PTI in an interview.

“So a Country Director from India overseeing such a program is really someone who is then able to start thinking about other leadership roles within the World Bank. So the experience of India was extremely important in giving me that experience and that perspective,” he said in response to a question.

Ahmad noted that the challenge of financing for development is one of mobilizing long-term capital markets.

“If you look at development challenges, whether it’s dealing with the pandemic, dealing with climate change, dealing with infrastructure, all of that will take money in the long run,” he said. -he declares.

“The money needed is far greater than what public finances can provide. So the name of the game turns into how to leverage public funding to bring long-term capital to development. The way to do that is to reduce development risks,” he said.

In its statement, the bank said Ahmad brings to the position a depth of experience and understanding of international development and an exemplary record of thought leadership and service to World Bank Group client countries.