The World Bank Group on Wednesday announced the inauguration of the next phase of its Private Sector Investment Lab(PSIL), focused on implementing proven solutions at scale.
This is contained in a statement issued by the World Bank Online Media Briefing Centre made available to the News Agency of Nigeria (NAN) on Wednesday.
The statement said the new chapter also expands the Lab’s membership to include private sector leaders in sectors critical to job creation in developing economies.
It said these sectors included infrastructure and energy, agribusiness, healthcare, tourism, and manufacturing.
“These industries have a proven ability to translate investment into broad-based employment and economic opportunity.
“This aligns directly with the Bank’s sharpened focus on job creation as a core driver of development.”
The statement quoted World Bank Group President Ajay Banga as saying, “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.
“This isn’t about altruism; it is about helping the private sector see a path to investments that will deliver returns and lift people and economies alike. It is central to our mandate.”
It said 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.
The statement said that the work had now been consolidated into five priority focus areas that were being integrated across the Bank Group operations, and they include, Regulatory. If you misspell something, make grammar errors, or misuse a punctuation mark, Grammarly will suggest ways to fix it.(NAN)
