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Africa’s foremost entrepreneur and President of Dangote Group, Aliko Dangote, has been appointed, alongside other world’s notable business leaders, into the Private Sector Investment Lab of the World Bank.

The World Bank says the investment initiative is focused on implementing proven solutions at scale, adding that the new expansion of the lab’s membership brings onboard industry leaders with experience in generating jobs in developing economies.

Apart from Dangote, the new members of the lab are Bill Anderson, CEO, Bayer AG; Sunil Bharti Mittal, Chair, Bharti Enterprises; and Mark Hoplamazian, President & CEO, Hyatt Hotels Corporation.

Over the last 18 months, the lab brought together leaders from global financial institutions to identify the most pressing barriers to private sector investment in developing countries – and to test actionable solutions. That work has now been consolidated into five priority focus areas that are being integrated across the Work Bank Group’s operations, said the global development financier. The areas of focus are regulatory and policy certainty, political risk insurance, foreign exchange risk, junior equity capital, and securitisation.

The lab’s founding members included senior executives from AXA, BlackRock, HSBC, Macquarie, Mitsubishi UFJ Financial Group, Ninety One, Ping An Group, Royal Philips, Standard Bank, Standard Chartered, Sustainable Energy for All, Tata Sons, Temasek, and Three Cairns Group. The Lab is chaired by Shriti Vadera, Chair of Prudential plc.