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Finance

U.S. World Bank nominee says 'trillions' needed for poverty fight

Ajay Banga calls for lender to shoulder risks to facilitate private investment

Ajay Banga, the nominee of the U.S. to head the World Bank, told reporters in Tokyo that progress in eradicating global poverty has slowed. (File photo by AFP/Jiji) 

TOKYO -- U.S. President Joe Biden's choice to head the World Bank says the multilateral lender should facilitate private-sector involvement in fighting poverty by shouldering the kinds of risks that conventional investors struggle to understand.

Ajay Banga, former CEO of Mastercard, told reporters in Tokyo that progress in eradicating global poverty has slowed -- and even reversed in some places -- because of factors ranging from climate change and the COVID-19 pandemic to the war in Ukraine.

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