World Bank to share more data to attract private investors

24/3/2024 12:36

        The World Bank will publish more of its proprietary data, including on debt defaults, starting next week as part of a push to attract more private sector investment to developing countries, World Bank President Ajay Banga said.
        
        Banga, speaking at the China Development Forum early Sunday, China time, said the World Bank Group had mobilized $41 billion of private capital for emerging markets and raised another $42 billion from the private sector for bond issuance last year, with both totals to be eclipsed this year.
        
        But he said more progress was needed, and the bank was taking action on a number of fronts to overcome barriers holding back private sector investment to developing economies.
        
        Economic growth has slowed in developing countries, with growth falling to barely 4% from 6% in two decades, Banga said, noting that each lost percentage point dragged 100 million people into poverty, while debt levels were rising.
        
        Banga noted that developing countries also faced an "unimaginable" gap between 1.1 billion young people expected to enter the workforce in the next decade and expected job creation of just 325 million jobs.