The World Bank Group has announced the inclusion of notable industry leaders, including Aliko Dangote, President/CEO of Dangote Group, into its Private Sector Investment Lab (PSIL).
Other high-profile additions to the Lab are Bill Anderson, CEO of Bayer AG, Sunil Bharti Mittal, Chair of Bharti Enterprises, and Mark Hoplamazian, President & CEO of Hyatt Hotels Corporation.
On Wednesday, the World Bank unveiled the next phase of its PSIL, aimed at scaling up proven solutions that promote job creation.
This phase sees an expansion of the Lab’s membership to include prominent figures with experience in generating employment within developing economies. This aligns with the World Bank’s intensified focus on job creation as a central pillar of its development strategy.
“We are integrating this work throughout our operations, directly tying it to the jobs agenda that is central to our strategy,” stated World Bank Group President Ajay Banga. “This isn’t about charity; it’s about showing the private sector a path toward investments that provide returns while benefiting people and economies. This approach is fundamental to our mandate.”
Over the past 18 months, the PSIL brought together global financial leaders to identify barriers to private sector investment in developing countries and test actionable solutions.
This effort has led to the creation of five priority focus areas, which are now being incorporated into the World Bank Group’s operations.
As the Lab transitions into its implementation phase, it has expanded to include private sector leaders from industries essential for job creation, such as infrastructure, energy, agribusiness, healthcare, tourism, and manufacturing.
“These sectors have demonstrated the ability to turn investments into widespread employment opportunities,” the Bank explained.
Banga expressed his gratitude to the original PSIL leaders for their contributions during the initial phase, noting that the work would now be built upon with additional leaders from critical job-creating sectors. “We are moving from ideas to implementation,” Banga added.
Shriti Vadera, Chair of Prudential plc and Chair of the Private Sector Investment Lab, emphasized the importance of continued focus on five key areas: regulatory and policy certainty; guarantees to address political and credit risks; foreign exchange risk; scaling equity forms; and creating an asset class and liquid market to attract institutional investment.
“The World Bank Group is at the forefront of initiatives aimed at growing economies and creating opportunities in emerging markets,” said Sunil Bharti Mittal. “As President Banga has noted, the private sector will be crucial in this transformation, and I’m excited to join the PSIL alongside other esteemed business leaders. The telecommunications sector’s success in fostering growth and community well-being will be valuable as the PSIL moves forward.”
Bill Anderson added, “I am honored to join the Private Sector Investment Lab during its implementation phase. Together with businesses and the World Bank Group, we can drive job creation in emerging markets by managing risks and seizing opportunities for the next generation in low and middle-income countries.”
The PSIL’s founding members included executives from leading firms such as AXA, BlackRock, HSBC, Macquarie, Mitsubishi UFJ Financial Group, and others. The Lab is chaired by Shriti Vadera.
