In a renewed push to stimulate employment in developing economies, the World Bank Group has announced an expanded phase of its Private Sector Investment Lab.
The initiative seeks to channel private capital into key sectors like infrastructure and healthcare, with a sharper focus on practical implementation.
The latest phase of the Lab includes high-profile business leaders such as Aliko Dangote of the Dangote Group and Sunil Bharti Mittal of Bharti Enterprises. Their inclusion reflects the World Bank’s ambition to align global private sector efforts with job creation in emerging markets.
“This effort is not just philanthropy,” said World Bank Group President Ajay Banga. “It’s a strategic effort to steer private investments toward impactful ventures that also deliver returns. This approach is core to our vision and mission.”
Initially launched to generate ideas for mobilising private capital, the Lab is now shifting its focus toward execution. Its new agenda centers on addressing long-standing barriers to investment, including policy instability, currency risk, and the lack of early-stage capital.
According to the World Bank, progress from the Lab’s first phase includes a 30% rise in the issuance of investment guarantees and increased long-term financing in local currencies through the International Finance Corporation (IFC), now reaching one-third of its commitments, with a goal to hit 40% by 2030.
Chairing the Lab is Shriti Vadera, Chair of Prudential plc, who expressed optimism about the new additions.
“We’re entering a critical phase, focusing on tangible actions that improve market conditions and unlock capital for long-term growth.”
New member Sunil Bharti Mittal highlighted the transformative power of private industry, particularly the telecommunications sector.
“The private sector is central to unlocking potential in emerging economies. Connectivity, for example, has revolutionised livelihoods. That’s the kind of impact we aim to scale.”
Also joining the Lab is Bayer AG CEO Bill Anderson, who underscored the importance of collaborative solutions to long-term economic challenges.
“By working together, the World Bank and business leaders can create sustainable job opportunities in regions that need them most.”
Founding members of the Lab include global giants such as AXA, BlackRock, HSBC, Philips, Standard Bank, Tata Sons, and Temasek. With its broadened leadership and renewed focus, the Lab is positioning itself as a powerful force for economic inclusion in the Global South.
