World Bank President Banga meets US VP Kamala Harris

World Bank President Ajay Banga on Monday met Vice President Kamala Harris during which they talked about developing and implementing an action plan to raise the level of ambition in mobilising private investment.

It was the first official US engagement with the World Bank since Banga took office last week.

During the meeting, the vice president underscored the Biden-Harris Administration's strong support for World Bank efforts to make investments and spur policy reforms that reduce poverty and advance achievement of the Sustainable Development Goals, the White House said.

"She praised the steps taken to evolve the World Bank -- including expanding its mission to include building resilience to global challenges like climate change, pandemics, fragility and conflict. She underscored that addressing these global challenges is interlinked with and indivisible from the Bank's work to eliminate extreme poverty and promote shared prosperity. The Vice President welcomed President Banga's commitment and high ambition in driving forward this evolution initiative," it said.

Read | Indian American Ajay Banga takes over as World Bank President

Harris conveyed the United States’ intention to work with World Bank shareholders and Banga in the leadup to the September G20 Leaders’ Summit.

Recognising that the public sector alone cannot meet the immense development needs, the Vice President also underscored the US commitment to work with the World Bank and other shareholders to develop and implement an action plan to raise the level of ambition in mobilizing private investment, the White House said.

"The Vice President discussed with President Banga her work around the world, from Southeast Asia to Africa to the Caribbean. In particular, as the Vice President has made clear in this and other meetings, countries should have access to the finance and tools they need to accelerate the clean energy transition and build resilience to shocks," it said.

This meeting comes just before the Vice President's upcoming trip to The Bahamas on June 8 to participate in the U.S.-Caribbean Leaders Meeting, alongside President Banga, where she will further discuss the U.S. commitment and actions to support sustainable and inclusive economic development in the Caribbean.

To this end, she raised the importance of all creditors offering Climate Resilient Debt Clauses to allow a temporary suspension of debt service after a natural disaster, the White House said.