Dangote, Mittal join World Bank initiative for investment, jobs

The World Bank Group is intensifying its focus on private sector investment to spur job creation in developing economies, unveiling an expanded phase of its Private Sector Investment Lab, the lender announced on Wednesday.

The initiative, now including prominent figures such as President and CEO of Dangote Group, Aliko Dangote, Chair of Bharti Enterprises, Sunil Bharti Mittal, and others aims to channel capital into sectors critical for employment, including infrastructure and healthcare.

“With the expanded membership, we are mainstreaming this work across our operations, aligning it with the jobs agenda driving our strategy,” President of the World Bank Group, Ajay Banga, said in a statement to PUNCH Online.

“This isn’t about altruism—it’s about guiding the private sector toward investments that yield returns while uplifting people and economies. It’s central to our mandate,” he added.

The Lab, transitioning from ideation to implementation, will prioritise five key areas: regulatory certainty, political risk insurance, foreign exchange risk mitigation, junior equity capital, and securitisation.

The lender reported that over the past 18 months, it achieved a 30 per cent increase in guarantee issuance and committed one-third of the International Finance Corporation’s long-term financing in local currencies, with a target of 40 per cent by 2030.

“We are grateful to the original Lab leaders who delivered strong results in the initial phase,” President Banga added. “Now, we’re building on that foundation, adding leaders from job-critical sectors and shifting from ideas to action.”

The Lab’s founding members include senior executives from AXA, BlackRock, HSBC, Macquarie, Mitsubishi UFJ Financial Group, Ninety One, Ping An Group, Royal Philips, Standard Bank, Standard Chartered, Sustainable Energy for All, Tata Sons, Temasek, and Three Cairns Group. It is chaired by Chair of Prudential plc, Shriti Vadera.

Chair Vadera, who also chairs the Private Sector Investment Lab, thanked the Lab leaders for their contributions to the first phase’s success.

“We welcome our new members’ support as we focus on five priorities: regulatory and policy certainty; guarantees to address political and credit risks; foreign exchange risk; scaling equity forms; and creating liquid markets to attract institutional funds.”

The Chair of Bharti Enterprises, Sunil Bharti Mittal, praised the World Bank’s leadership in fostering economic growth and opportunities in emerging markets.

“As President Banga has emphasised, the private sector is pivotal to this transformation.

“I’m delighted to join the PSIL alongside distinguished business leaders. I’ve seen connectivity transform lives by creating opportunities for businesses and communities, and I hope the telecommunications sector’s successes will inform the Lab’s next phase,” Mittal said.

The CEO of Bayer AG, Bill Anderson, added, “I’m honoured to join the Private Sector Investment Lab in its implementation phase. Together, businesses and the World Bank Group can drive job creation in emerging markets by managing risks and seizing opportunities for the next generation in low- and middle-income countries.”

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