New Delhi– The World Bank Group has launched the next phase of its Private Sector Investment Lab (PSIL), aimed at scaling up proven solutions to drive development and job creation in emerging markets. Among the newly appointed members is Sunil Bharti Mittal, Founder and Chairman of Bharti Enterprises.
This new phase of the Lab expands its membership to include global industry leaders with deep experience in fostering job growth in developing economies, aligning with the World Bank’s sharpened focus on employment as a key pillar of development.
“With the expanded membership, we are mainstreaming this work across our operations and tying it directly to the jobs agenda that is central to our strategy,” said Ajay Banga, President of the World Bank Group. “This isn’t about altruism — it’s about showing the private sector a path to investments that can deliver returns while uplifting people and economies. It’s central to our mission.”
Joining Mittal on the Lab’s new roster are Bill Anderson, CEO of Bayer AG; Aliko Dangote, President and CEO of Dangote Group; and Mark Hoplamazian, President and CEO of Hyatt Hotels Corporation.
“The World Bank Group is leading transformative initiatives to grow economies and create opportunities across emerging markets,” Mittal said. “As President Banga has emphasized, the private sector will play a pivotal role in this transformation. I am honored to join the PSIL alongside such distinguished leaders.”
Mittal highlighted the transformative impact of connectivity in driving economic growth. “I have witnessed firsthand how telecommunications can change lives by enabling businesses to expand and communities to prosper. I hope to bring insights from this sector as the PSIL embarks on the next stage of its important work.”
Over the past 18 months, the Lab has brought together leaders from global financial institutions to identify major barriers to private sector investment in developing countries and to test practical solutions.
“We are grateful to the original Lab leaders who helped us achieve meaningful results during the initial phase,” Banga noted. “Now, we’re building on that foundation, bringing in leaders from industries crucial to job creation, and moving from ideation to implementation.”
The Lab is chaired by Shriti Vadera, Chair of Prudential plc, who emphasized the Lab’s ongoing focus on five key areas: regulatory and policy certainty; guarantees to address political and credit risks; foreign exchange risk mitigation; scaling different forms of equity; and developing an asset class and liquid market to attract institutional investment.
“We welcome the support of our new members as we continue to tackle these critical areas,” Vadera said. (Source: IANS)
