World Bank Group is rolling out a new strategic roadmap aimed at mobilising private capital and accelerating job creation, particularly in developing economies.
Speaking during a plenary session at the institution’s Annual Meetings in Washington, President Ajay Banga announced the development of the IFC2030 Strategy, designed to unlock greater private sector participation across key growth sectors.
Banga emphasised that while the private sector is responsible for generating nearly 90 percent of all jobs, it cannot achieve economic transformation alone.
> “Most jobs—nearly 90 percent—ultimately come from the private sector. But they don’t all begin there,” he said. “Countries move along a continuum: Early on, the public sector drives job creation; over time, private capital and entrepreneurship take the lead.”
He maintained that private sector growth relies heavily on enabling environments and public sector investments, which must be deliberately structured to support entrepreneurship and job creation.
Three-Pillar Strategy to Drive Reform
The IFC2030 framework is built on a three-pillar model designed to create the conditions necessary for sustained private sector growth.
First, Banga said governments must lead in developing “human and physical infrastructure” such as roads, electricity, ports, digital systems, and health and education services. These investments, he noted, are typically financed through the World Bank’s IBRD and IDA arms, in partnership with the private sector.
> “Our public arms finance these investments and help countries use resources effectively, and establish public-private partnerships,” he stated.
Second, the strategy emphasises the creation of a robust business climate—one anchored on transparent institutions, predictable taxation, secure land rights, and prudent macroeconomic management.
> “We support these reforms alongside the IMF through our Knowledge Bank, using policy tools and performance-based financing,” he added.
Third, once foundational elements are in place, institutions like IFC and MIGA will step in to help businesses scale, providing capital, equity, guarantees, and political risk insurance.
*Focus sectors identified*
Banga disclosed that the World Bank had pinpointed five sectors with significant job-creation potential:
Infrastructure and energy
Agribusiness
Healthcare
Tourism
Value-added manufacturing (including critical minerals)
“These are not aid-dependent sectors,” he clarified.
“They are engines of growth that can create relevant, local jobs—without displacing workers in developed economies.”
According to him, these sectors also have the potential to build a resilient middle class that will, in turn, sustain global demand.
*Mission 300 and other strategic projects*
Among the new initiatives already in motion is Mission 300, which aims to provide electricity access to 300 million Africans by 2030. Banga said the World Bank’s electricity strategy focuses on accessibility, affordability, and reliability—while maintaining responsible emissions standards.
> “Countries have the flexibility to choose what fits their needs and context—whether upgrading grids or installing solar, wind, hydro, gas, or geothermal systems,” he said.
In a notable shift, the World Bank Group has also resumed work with the International Atomic Energy Agency (IAEA) to explore nuclear energy options—marking its return to nuclear support after decades.
On the health front, the institution is working toward a goal of providing healthcare to 1.5 billion people. To this end, Banga announced an upcoming summit in Tokyo this December, where governments, investors, and innovators will collaborate on strategies to improve global healthcare systems.
He pointed to Indonesia’s model—where citizens are offered an annual primary care visit on their birthday—as a practical example of scalable, people-centered healthcare.
Collaboration at the Core
Banga concluded by stressing the importance of coordination among global institutions, governments, and the private sector in delivering results at scale.
> “These are not siloed plans. They reinforce one another and bring together the full breadth of the World Bank Group, alongside partners. It will take all of us working in concert to deliver results.”
The IFC2030 Strategy is expected to play a central role in shifting development financing away from traditional aid models and toward sustainable, private-sector-led growth.
NAN
