The World Bank Group has announced a new phase for its Private Sector Investment Lab (PSIL), aimed at scaling solutions for job creation in developing economies. As part of this expansion, the World Bank has appointed Aliko Dangote, President/CEO of Dangote Group, and several other prominent industry leaders, including Bill Anderson, CEO of Bayer AG, Sunil Bharti Mittal, Chair of Bharti Enterprises, and Mark Hoplamazian, President & CEO of Hyatt Hotels Corporation. The PSIL’s new focus is to drive large-scale job creation by addressing critical barriers to private sector investment.
World Bank Group President, Ajay Banga, emphasized that the PSIL’s expanded membership is a direct response to the Bank’s heightened focus on job creation as a key development driver. He clarified that the initiative’s goal is not only to aid developing economies but also to demonstrate that investments can yield substantial returns for the private sector while benefiting communities. With this new phase, the World Bank aims to implement tested solutions across five priority sectors that are crucial to economic growth and employment—namely infrastructure, energy, agribusiness, healthcare, tourism, and manufacturing.
Over the past 18 months, the PSIL has brought together global financial leaders to identify the most pressing challenges to private sector investment in developing nations. These challenges have now been distilled into actionable solutions and will be integrated into the World Bank’s operations. This includes addressing regulatory uncertainty, foreign exchange risks, and securing financing for projects that create jobs. The goal is to encourage private sector involvement in sectors with high employment potential, leading to both economic growth and social transformation in low- and middle-income countries.
The World Bank expressed gratitude to the original Lab members for their contributions and welcomed the new leaders’ expertise in key sectors. Shriti Vadera, Chair of Prudential plc and the PSIL, noted that the next phase will focus on scaling solutions to overcome barriers to investment, with a clear emphasis on fostering broad-based employment and economic opportunities. The lab’s strategic focus will also include developing policies that attract institutional funds to critical industries, accelerating job creation on a global scale.
Source: Business day