The World Bank’s Private Sector Investment Lab has been launched.
- The Lab will be tasked with developing solutions to removing barriers to private-sector investment in developing economies.
- The Lab will have 15 founding members, including the CEOs of Ninety One and Standard Bank.
- The Lab will focus on energy transition finance, with an initial sectoral focus on renewable energy and energy infrastructure.
- The Lab will work to improve financing structures, improve alignment of the World Bank with the needs of private sector, and establish new partnerships to spread risk across investor groups.
- The World Bank’s president, Ajay Banga, said that the Lab has the potential to unlock significant investment that will deliver jobs and better quality of life for people living throughout the Global South.
- The other 13 founding members of the Lab include the CEOs of AXA, BlackRock, HSBC, Macquarie, Mitsubishi UFJ Financial Group, Standard Chartered, Sustainable Energy for All and Temasek as well as the co-CEO of Ping An Group, the co-founder of Three Cairns Group and the chairs of Royal Philips and Tata Sons.
- The Lab is expected to launch in early 2023.