In a significant move to enhance investment and create jobs in emerging economies, the World Bank has appointed Aliko Dangote, CEO of Dangote Group, to its Private Sector Investment Lab.
This decision aims to leverage his expertise and leadership to drive sustainable growth.
This move places Dangote among top global business leaders driving economic growth in developing regions.
On Wednesday, the World Bank announced Dangote’s inclusion, effectively signaling a new phase in the lab’s ongoing expansion efforts.
Specifically, the lab aims to attract private capital while simultaneously enhancing employment opportunities in developing nations for sustainable growth.
In addition to Dangote, Bill Anderson from Bayer AG, Sunil Bharti Mittal of Bharti Enterprises, and Mark Hoplamazian from Hyatt Hotels Corporation received appointments to the board.
Upon accepting his new role, Dangote committed to advancing sustainable development by promoting private sector investments in various sectors.
He emphasized how transformative these initiatives can be for emerging markets and communities facing significant challenges.
“I am honored to join the World Bank’s lab, which actively focuses on boosting investments and creating jobs in developing economies,” he stated.
Furthermore, he connected this opportunity to his lifelong commitment to fostering sustainable growth and development in underprivileged areas.
“Inspired by the success of the Asian Tigers, I will collaborate with fellow leaders to replicate such impressive progress elsewhere,” he concluded.
The World Bank emphasized that the lab’s expanded membership includes leaders with proven job-creation records.
World Bank President Ajay Banga stated that the initiative aligns with the bank’s core strategy.
“This is about guiding the private sector toward profitable investments that also uplift economies,” he explained.
In 2023, Canada’s Mark Carney co-chaired the lab, which sought £1 trillion in sustainable energy investments.
Over the past 18 months, the lab identified key barriers to private investment in developing nations.
Consequently, it streamlined solutions into five priority areas, including regulatory stability.
Founding members included executives from AXA, BlackRock, HSBC, and others, with Prudential’s Shriti Vadera leading the group.
Ultimately, this expansion reflects the World Bank’s commitment to sustainable growth through private sector collaboration.
With leaders like Dangote on board, there is renewed hope for replicating successful investment models worldwide, unlocking opportunities for emerging economies.
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