Latest News | Sunil Mittal Among 4 New Members in World Bank's 'Private Sector Investment Lab' Initiative

New Delhi, Apr 24 (PTI) The World Bank has added four prominent names, including Bharti Enterprises Chairman Sunil Mittal, as it embarks on the next phase of the 'Private Sector Investment Lab' initiative, according to a release.

Launching the next phase of the initiative focused on implementing proven solutions at scale, the World Bank, in a release, 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.

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Apart from Mittal, other new members of the Lab include Bill Anderson, CEO, Bayer AG; Aliko Dangote, President & CEO, Dangote Group; Mark Hoplamazian, President and CEO, Hyatt Hotels Corporation.

"As the Lab enters its implementation phase, it is also expanding its membership to include private sector leaders in sectors critical to job creation, such as infrastructure and energy, agribusiness, healthcare, tourism, and manufacturing," the release said.

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Such industries have a proven ability to translate investment into broad-based employment and economic opportunity.

The Lab, over the last 18 months, 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.

That work has now been consolidated into five priority focus areas that are being integrated across Bank Group operations - Regulatory and Policy Certainty; Political Risk Insurance; Foreign Exchange Risk; Junior Equity Capital; and Securitisation.

"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," World Bank Group President Ajay Banga said.

Banga added, "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."

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)