CGD in the News

Next World Bank chief could bring Trumpian mindset to one of the world’s major lenders (Global News)

January 16, 2019

From the article:

Whoever U.S. President Donald Trump nominates to run the World Bank will likely take over one of the largest lenders on the planet, with the power to slash green-energy funding and push the organization into a more political role on the international stage.

No matter who takes over the role, he or she will lead a 189-member organization that hands out nation-changing loans for projects it deems suitable. The bank, which draws money from its member organizations, committed to nearly $67 billion in loans last year. However, its influence has waned over the last decade as countries have decided to invest in funds seen to be less tilted toward U.S. interests.

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There’s also a chance the Europeans might break their deal with the U.S. if Trump puts forward a polarizing candidate, according to Charles Kenny, a senior fellow at the Center for Global Development in Washington.

“If the administration offers a plausible candidate, I think they’ll get in,” he told Global News.

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Kenny says Trump’s choice would likely fail the nomination process if he or she openly supported some of Trump’s more scientifically dubious policies.

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“If it’s a strong candidate, my guess is they’ll pull through,” Kenny said. “If the candidate is not plausible, I think all bets are off.”