Aliko Dangote, the CEO of Dangote Group, has been appointed to the World Bank’s Private Sector Investment Lab.
This move brings Dangote into a group of influential business leaders focused on increasing investments and creating jobs in developing economies.
The World Bank announced this on Wednesday as part of a broader expansion of the investment lab.
The lab is now entering a phase where it aims to grow solutions that attract private capital and help create more jobs in emerging markets.
Dangote joins other top business figures such as Bill Anderson from Bayer AG, Sunil Bharti Mittal from Bharti Enterprises, and Mark Hoplamazian from Hyatt Hotels Corporation.
Dangote expressed his excitement about the role, sharing his long-term dedication to supporting economic growth through private sector investment.
He mentioned the role such initiatives could play in developing markets and pointed to the success of the Asian Tigers as a source of inspiration.
The World Bank’s expanded group of leaders is designed to strengthen efforts on job creation, a central focus of the bank’s mission.
Ajay Banga, the president of the World Bank, emphasized that the initiative is about guiding the private sector to investments that yield returns and boost economies.
In 2023, the World Bank’s Investment Lab, under the leadership of Mark Carney, worked to raise £1 trillion for sustainable investments to help transition energy in emerging economies.
The lab’s efforts over the last 18 months have been centered on finding solutions to the challenges faced by the private sector in developing countries.
This has resulted in five key areas of focus, including regulatory stability, integrated into the bank’s broader efforts.
The lab was initially formed with key figures from major financial institutions such as AXA, BlackRock, and HSBC. Shriti Vadera, the chair of Prudential plc, leads the lab.
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