According to a release, the World Bank has added four prominent names, including Sunil Mittal, Chairman of Bharti Enterprises, to the next phase of the 'Private Sector Investment Lab' initiative. In a release, the World Bank announced the next phase of the initiative, which will focus on implementing proven solutions at scale. The new chapter also expands the Lab's membership to include industry leaders with experience generating jobs in developing economies, aligning directly with the Bank's sharpened focus on job creation as a key driver of development.
Aside from Mittal, other new Lab members include Bill Anderson, CEO of Bayer AG; Aliko Dangote, President and CEO of the Dangote Group; and Mark Hoplamazian, President and CEO of Hyatt Hotels Corporation.
"As the Lab enters its implementation phase, it is also expanding its membership to include private sector leaders in critical job creation sectors, such as infrastructure and energy, agribusiness, healthcare, tourism, and manufacturing," according to the release.
Such industries have demonstrated the ability to convert investment into broad-based employment and economic opportunity.
Over the past 18 months, the Lab has brought together leaders from global financial institutions to identify the most pressing barriers to private sector investment in developing countries and test actionable solutions.
That work has now been consolidated into five priority focus areas that are being integrated throughout Bank Group operations: Regulatory and Policy Certainty; Political Risk Insurance; Foreign Exchange Risk; Junior Equity Capital; and Securitization.
"With the expanded membership, we are mainstreaming this work across our operations and tying it directly to the jobs agenda that is driving our strategy," World Bank Group President Ajay Banga stated.
Banga went on to say, "This isn't about altruism; it's about guiding the private sector toward investments that will generate returns and benefit both people and economies. "It is central to our mandate."
