MPW 2023: How Anshula Kant has been influencing the World Bank’s policies

Tasked with financial and risk management of the World Bank Group, Anshula Kant has been diligently championing the bank’s cause as its MD and CFO since her appointment in 2019.

This was amply visible recently when suggestions were made at one of the G20 Finance Track meetings that the multilateral development bank (MDB) go for a lower credit rating. The bank commands the highest rating currently, which allows it to raise funds at lower interest rates, and which may restrict its flow of funds. Staunchly defending the MDB’s rating, Kant said, “We are among the world’s biggest non-sovereign issuers. Size and scale are important.” She explained that any ratings downgrade would mean an increase in borrowing costs for it.

Further, the bank’s new President Ajay Banga’s avowed vision to create a world free of poverty on a liveable planet, has also kept her hands full. The institution has launched an ambitious programme to speed up its pace of clearing projects, enhance operational efficiency, and simplify its loan approval processes; and Kant has been instrumental in achieving these goals. By trying to introduce innovative financial instruments and structures, she is working towards bridging the gap in the financing needs of the developing world. “We are trying to enhance the operational model to increase the focus on global challenges, including climate change and pandemic preparedness, and keep a focus on poverty alleviation,” she said recently. Talking about how the Group aims to meet the demands of the prevalent situation, she added, “These are not easy things to do, and it will take time, but we have started the work.”

Kant, who has a Master’s in Economics from the Delhi School of Economics, holds the financial and risk management reins of the Group at a time when the world is facing multiple challenges ranging from the after-effects of the Covid-19 pandemic to the Russia-Ukraine conflict and the Israel-Hamas war. Then there are the calls to reform the MDBs.

Having joined the Group just six months before the pandemic started, she has undergone a significant transition—from managing the finances of India’s largest bank to addressing pressing global challenges. Her area of influence now extends to tackling poverty alleviation, income inequality and climate change, and mitigating future pandemic risks and spearheading infrastructure development in the developing world, among others.

Today, Kant stands as a prominent role model for young women across the world. Having started her journey as a probationary officer in State Bank of India, she has carved a space for herself by the sheer dint of her skills and perseverance. Here’s hoping that her skills and experience as a financial leader stand her in good stead in navigating the World Bank Group through the current challenges.