Sunil Bharti Mittal Joins World Bank's Investment Lab to Bolster Private Funds in Developing Economies

Sunil Bharti Mittal, Chairman of Bharti Enterprises, joins the World Bank's Private Sector Investment Lab in a new phase focusing on solutions for private investment and job creation in developing nations. Mittal joins an elite group of global business leaders committed to fortifying economic growth in emerging markets.

Bharti Enterprises Chairman Sunil Bharti Mittal has taken on a significant role in the World Bank Group's Private Sector Investment Lab (PSIL) as it embarks on its next phase centered on scaling up initiatives to attract private investment in developing countries. Mittal joins a distinguished roster of business leaders, including Bill Anderson of Bayer AG, Aliko Dangote of Dangote Group, and Mark Hoplamazian of Hyatt Hotels.

The World Bank Group has officially announced the commencement of this new stage in its PSIL, emphasizing the implementation of effective solutions at scale. This phase broadens the Lab's fellowship to include industry experts adept at job creation in developing economies, resonating with the Bank's heightened emphasis on employment as a pivotal development engine.

World Bank Group President Ajay Banga stated, "By expanding our membership, we're integrating this work across our operations, directly linking it to the job agenda steering our strategy. This is not merely altruism; it's about guiding the private sector towards investments that yield returns while uplifting people and economies. It's essential to our mission."

Initially launched 18 months ago to pinpoint barriers to private investment in developing regions, the Lab has collaborated with global financial leaders to experiment with practical solutions. The current phase shifts focus to execution, underscoring job creation as crucial for development.

Sunil Bharti Mittal expressed his enthusiasm about joining the PSIL alongside prominent business figures, affirming his belief in connectivity's transformative power for business growth and community prosperity. He emphasized that the World Bank Group spearheads efforts to expand economies and generate opportunities worldwide, with the private sector as a central transformative force.

This phase hones in on five principal strategies: crafting stable regulatory policies with government assistance, enhancing political risk insurance leading to a 30% boost in guarantee issuance, scaling local currency financing to mitigate foreign exchange risk, launching the Frontier Opportunities Fund for high-risk investments, and partnering with financial titans like S&P and BlackRock to innovate investment products aiming to draw capital from institutional investors.

(With inputs from agencies.)