Former Mastercard CEO discusses global resilience and World Bank funding

Banga stated that the global economy has shown resilience, partly due to large investments in artificial intelligence and adjustments in oil supply and demand. He noted that few countries utilized the initial $25 billion in crisis funds made available by the World Bank when a war began in late February. However, Banga warned that rising diesel and fertilizer prices, along with the potential impact of El Niño, are increasing challenges for developing countries.

Banga predicted that more countries might seek access to the World Bank's $50 billion to $60 billion fund in the coming months. The World Bank recently attracted $112 billion in private capital in the year ended June, demonstrating its capacity to mobilize resources. If the situation worsens, the Bank could make up to $100 billion available.