World Bank secures $112 billion from private investors for development
The World Bank just pulled in $112 billion from private investors to help developing countries tackle big challenges.
With government funding stretched thin, World Bank Group President Ajay Banga says getting the private sector involved is now essential for meeting global development needs.
Bank offered regulatory certainty and guarantees
To attract this investment, the World Bank offered things like regulatory certainty and guarantees to reduce risk for private companies.
While some worry this could put public finances at risk, Banga insists private money is there to boost, not replace, what the bank already does.
Most of these funds are headed to infrastructure and energy, agribusiness, health, tourism, and value-added manufacturing projects, like an $850 million deal in Guatemala, aimed at creating jobs and driving real progress on the ground.