Sunil Mittal Joins World Bank Group’s Private Sector Investment Lab
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Synopsis
On April 24, the World Bank Group launched the next phase of its Private Sector Investment Lab (PSIL), welcoming Sunil Bharti Mittal among its new members. This phase aims to implement proven solutions to create jobs in developing economies.
Key Takeaways
- World Bank Group has launched the next phase of PSIL.
- Sunil Mittal joins as a new member.
- Focus on proven solutions for job creation.
- Collaboration with industry leaders to tackle investment barriers.
- Emphasis on private sector role in economic transformation.
New Delhi, April 24 (NationPress) The World Bank Group has revealed the initiation of the next phase of its Private Sector Investment Lab (PSIL), concentrating on executing validated solutions on a large scale, and the newly appointed members include Sunil Bharti Mittal, the Founder and Chairman of Bharti Enterprises.
This new phase also broadens the Lab’s membership to encompass industry pioneers with expertise in creating employment opportunities in developing markets, directly correlating with the Bank’s refined emphasis on job creation as a fundamental element of progress, as stated in an announcement.
“With the enlarged membership, we are integrating this initiative throughout our operations and linking it directly to the job agenda that is steering our strategy,” stated World Bank Group President, Ajay Banga.
“This initiative is not solely about philanthropy — it’s about facilitating the private sector in recognizing a pathway to investments that will yield returns and uplift individuals and economies alike. It is pivotal to our mission,” added Banga.
The new members joining the Lab include Bill Anderson, CEO of Bayer AG; Sunil Mittal; Aliko Dangote, President and CEO of Dangote Group; and Mark Hoplamazian, President and CEO of Hyatt Hotels Corporation.
“The World Bank Group is pioneering initiatives to foster economic growth and create opportunities in emerging markets worldwide. As President Banga has emphasized, the private sector will be crucial in this transformation, and I am thrilled to be part of the PSIL alongside other esteemed business leaders,” remarked Mittal.
“I have experienced firsthand the transformative power of connectivity in generating opportunities for business expansion and community development. I anticipate that the achievements within the telecommunications sector will provide valuable insights as PSIL embarks on its next significant phase,” Mittal further expressed.
In the past 18 months, the Lab has convened leaders from international financial institutions to pinpoint the most critical barriers to private sector investment in developing nations — and to explore actionable solutions.
“We appreciate the original Lab leaders who assisted us in achieving substantial outcomes during the initial phase,” Banga commented. “Now, we are building upon that groundwork — inviting additional leaders from sectors vital to job creation and transitioning from concepts to execution,” he noted.
The Lab is overseen by Shriti Vadera, Chair of Prudential plc.
“We are grateful for the support of our new members as we continue to concentrate on five critical areas: regulatory and policy stability; guarantees as the most utilized and understood tool to mitigate political and credit risks; foreign exchange risk; scaling various forms of equity; and establishing an asset class and liquid market to attract institutional investments,” Vadera concluded.
