Dangote, Mittal back World Bank’s jobs drive

The World Bank Group has expanded its Private Sector Investment Lab, enlisting prominent business leaders including Aliko Dangote and Sunil Bharti Mittal to drive investments that boost job creation in developing countries.

World Bank President Ajay Banga said the initiative is transitioning from ideation to implementation, focusing on attracting private capital into sectors such as infrastructure and healthcare, which are critical for employment.

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

The Lab will focus on five key priorities: ensuring regulatory certainty, providing political risk insurance, mitigating foreign exchange risk, promoting junior equity capital, and advancing securitisation to unlock more funds.

Over the past 18 months, the World Bank reported a 30% increase in guarantee issuance and said that a third of IFC’s long-term financing is now committed in local currencies, with a target of 40% by 2030.

Chair of the Lab, Shriti Vadera, commended the first phase’s success and welcomed new members, noting the focus on creating liquid markets and scaling equity to attract institutional investors.

Sunil Bharti Mittal hailed the Lab’s goals, saying, “Connectivity has transformed lives, and I hope the telecom sector’s experience can shape the next phase of this initiative.”

Bayer CEO Bill Anderson also expressed optimism about the initiative, saying it could create opportunities for future generations by aligning business strategies with development goals.