The World Bank Group on Wednesday announced the launch of the next phase of its Private Sector Investment Lab, focused on implementing proven solutions at scale.
The bank also announced the inclusion of billionaire businessman and industrialist, Aliko Dangote, into the investment lab.
Mr Dangote owns the Dangote Petroleum Refinery, the largest oil refinery in Africa, with a capacity of 650,000 barrels per day (BPD). Located in Lekki, Nigeria, the refinery aims to meet Nigeria’s demand for refined products and potentially export surplus across the continent and beyond.
The world bank said the new chapter also expands the Lab’s membership to include industry leaders with experience generating jobs in developing economies, aligning directly with the bank’s sharpened focus on job creation as a core driver of development.
“With the expanded membership, we are mainstreaming this work across our operations and tying it directly to the jobs agenda that is driving our strategy,” said World Bank Group President Ajay Banga.
“This isn’t about altruism–it’s about helping the private sector see a path to investments that will deliver returns, and lift people and economies alike. It’s central to our mandate.”
Over the last 18 months, the Lab brought together leaders from global financial institutions to identify the most pressing barriers to private sector investment in developing countries–and to test actionable solutions.
Bank Group is consolidating work into five priority areas: regulatory and policy certainty, political risk insurance, and foreign exchange risk. The bank also launched the Frontier Opportunities Fund and securitization. The Lab is expanding its membership to include private sector leaders in sectors critical to job creation, such as infrastructure, energy, agribusiness, healthcare, tourism, and manufacturing.
Apart from Aliko Dangote, President & CEO, Dangote Group, the new members of the Lab include Bill Anderson, CEO, Bayer AG; Sunil Bharti Mittal, Chair, Bharti Enterprises; and Mark Hoplamazian, President & CEO, Hyatt Hotels Corporation.
The Lab’s founding members included 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. The Lab is chaired by Shriti Vadera, Chair of Prudential plc.
