{"id":596958,"date":"2019-03-07T09:16:10","date_gmt":"2019-03-07T09:16:10","guid":{"rendered":"

Ziad Hayek, an expert on public-private partnerships and former investment banker. Photo by: Lebanon2030<\/p>

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Lebanon has withdrawn its nomination of Ziad Hayek to be the next World Bank president. Hayek told Devex on Monday the Lebanese government made its decision because of \u201cpressure\u201d from other governments.<\/span><\/span><\/span><\/p>\n

\u201cI received some bad news today that the Lebanese government has withdrawn my nomination, but I\u2019m continuing to fight on, still hoping that another party might nominate me instead,\u201d Hayek told Devex.<\/span><\/span><\/span><\/p>\n

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\u201cThere was pressure on the Lebanese government from other governments to withdraw my nomination,\u201d he said.<\/span><\/span><\/span><\/p>\n

Lebanon\u2019s minister of finance\u00a0nominated Hayek, an investment banker and expert on public-private partnerships, on Feb. 18. While the World Bank\u2019s board of\u00a0executive directors promised\u00a0an \u201copen, merit-based and transparent\u201d process, Hayek was the only known challenger to the Trump administration\u2019s nominee, David Malpass, a U.S. treasury official.<\/span><\/span><\/span><\/p>\n

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While he has lost Lebanon\u2019s backing, Hayek remains hopeful that another World Bank executive director will put his name forward before the March 14 nomination deadline.<\/span><\/span><\/span><\/p>\n

\u201cI\u2019m hoping that there will be some other channel, some other person that would be interested in seeing a proper process, which I think will be important for the bank, even important for the U.S. candidate Mr. Malpass, who, if he wins, it would be good to have done so through a legitimate process,\u201d Hayek said.<\/span><\/span><\/span><\/p>\n

Devex reached out to Hayek to learn about his views on the World Bank, his vision for leading the institution, and his motivation for running \u2014 topics that Hayek says he is disappointed to see overshadowed by the question of whether he will even remain a candidate. Devex has also requested an interview with Malpass.<\/span><\/span><\/span><\/p>\n

Lebanon\u2019s ministry of finance did not immediately respond to a request for comment.<\/span><\/span><\/span><\/p>\n

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Hayek did not intend to base his candidacy around a radical new vision for the bank. He said that he broadly agrees with the major strategy documents that the bank\u2019s leaders have already laid down \u2014 including the strategy aimed at fulfilling the terms of the capital increase deal agreed to last year.<\/span><\/span><\/span><\/p>\n

\u201cI think that the challenges are going to come from areas that are not given enough attention in the current documents,\u201d Hayek said. \u201cThis is where I come in.\u201d<\/span><\/span><\/span><\/p>\n

The first of those challenges is human migration.<\/span><\/span><\/span><\/p>\n

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\u201cI\u2019m not a wall builder; I\u2019m a bridge builder. I was a boat refugee myself from Lebanon. During the war in Lebanon, my family went to Cyprus on a boat, then after going to Greece and France. Finally Mexico gave us asylum … That\u2019s how I learned Spanish,\u201d Hayek said.<\/span><\/span><\/span><\/p>\n

He thinks the bank should support a three-part response to migration that includes asylum and assistance to migrants, creating \u201cbridges to a better life,\u201d and combating corruption.<\/span><\/span><\/span><\/p>\n

In addition, Hayek thinks the bank should deploy its financial instruments more effectively to help address the multi-trillion dollar infrastructure finance gap in developing countries. He thinks the multilateral development banks could be better coordinated to standardize their processes, and he believes the World Bank could issue more syndicated and tradable financial products to help create a better market for infrastructure investment.<\/span><\/span><\/span><\/p>\n

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Hayek also believes that many countries could do more to tap the potential of civil society \u2014 particularly when it comes to youth empowerment.<\/span><\/span><\/span><\/p>\n

Hayek and Malpass share very similar professional backgrounds. In fact they overlapped at the investment firm Bear Stearns, where Hayek was a senior managing director until 2003 and Malpass was chief economist.<\/span><\/span><\/span><\/p>\n

Hayek said that he has met Malpass, but the two mostly worked in different areas, with Hayek focused on emerging market investments.<\/span><\/span><\/span><\/p>\n

\u201cIt\u2019s nothing personal. I have great respect for Mr. Malpass. Why shouldn\u2019t I?\u201d Hayek said. \u201cI just think I offer a different recipe that is worth taking into consideration. That\u2019s all.\u201d<\/span><\/span><\/span><\/p>\n

Asked why he believed it was worth challenging the American nominee in the first place \u2014 given the historic precedent of America\u2019s hold on the position \u2014 Hayek said he \u201cdidn\u2019t know it was going to be like this.\u201d<\/span><\/span><\/span><\/p>\n

\u201cWhen I started I believed that there was a system, a process \u2014 that I was just applying to be part of this process \u2026 I believed what the World Bank said \u2014 and their directors \u2014 about wanting an open process, that they are encouraging applicants. I bought into that,\u201d he said.<\/span><\/span><\/span><\/p>\n

Hayek hopes that he can continue to put his name and perspective forward so that another World Bank shareholder \u2014 who believes it\u2019s important to have more than one candidate \u2014 might renominate him.<\/span><\/span><\/span><\/p>\n

\u201cMaybe I\u2019m dreaming, but I like to believe in people doing the right thing,\u201d he said.<\/span><\/span><\/span><\/p>\n<\/div>\n