New Delhi [India], April 24 : Bharti Enterprises Chairman Sunil Bharti Mittal has joined the World Bank Group's Private Sector Investment Lab (PSIL) as it enters a new phase focused on scaling up solutions to attract private investment and create jobs in developing countries.
According to a statement by Bharti Enterprises, Mittal joined other prominent global business leaders such as Bill Anderson, CEO of Bayer AG; Aliko Dangote, President and CEO of Dangote Group; and Mark Hoplamazian, President and CEO of Hyatt Hotels.
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.
This 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.
He further added "This isn't about altruismit'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."
The Lab was first launched 18 months ago to identify the biggest barriers to private sector investment in developing economies.
During that time, it brought together leaders from global financial institutions to test practical solutions. Now, the initiative is moving into its implementation phase, with a strong focus on job creation as a central strategy for development.
"The World Bank Group is leading the way with initiatives to grow economies and create opportunities in emerging markets around the globe. As President Banga has said, the private sector will play a pivotal role in this transformation, and I am delighted to join the PSIL alongside other distinguished business leaders. I have seen firsthand the power of connectivity to transform lives by creating opportunities for businesses to grow and communities to thrive" Sunil Bharti Mittal, Chair, Bharti Enterprises.
This next phase centers around five key areas. First, the Lab aims to support governments in establishing stable and predictable regulatory policies.
Second, the Lab has streamlined its political risk insurance offerings, resulting in a 30 per cent increase in guarantee issuance compared to last year, which boosts investor confidence.
Third, it is working to scale local currency financing to reduce foreign exchange risk and deepen domestic capital markets.
Fourth, the Lab has introduced the Frontier Opportunities Fund, which is designed to support high-risk, early-stage investments using initial capital from IFC income, with plans to expand through donor and philanthropic contributions.
Lastly, the Lab is working with financial giants like S&P and BlackRock to develop standardized and securitized investment products. This move is intended to unlock large pools of capital from institutional investors such as pension funds, insurance companies, and sovereign wealth funds.
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