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Olubiyi, Others to Join Private Sector Investment Lab

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Private Sector Investment Lab

By Adedapo Adesanya

The World Bank has announced the selection of 15 Chief Executive Officers and Chairs who will make up the Private Sector Investment Lab.

The founding members comprise a core group charged with developing solutions to address the barriers to private sector investment in emerging markets.

In a statement seen by Business Post, the lender said, “The quality of their individual – and combined – expertise, leadership, and success in business and finance underscores the growing momentum, and level of commitment, for public and private collaboration to address global challenges and urgently scale development solutions.”

The World Bank said it will be drawing on the experience of the 15 CEOs and Chairs that comprise the Lab’s core membership – including leaders 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 will build on the World Bank’s current work to address existing barriers and develop solutions which support private sector investment in emerging markets.

Announced in June, the Lab will identify and focus on specific approaches that can be implemented and scaled by the World Bank to mobilize capital more effectively, with the ultimate goal of crowding in greater levels of private finance.

This includes ideas for improved financing structures, ways to better align the World Bank with the needs and speed of private finance, approaches to balancing and allocating risks across investors and reimagining new partnerships.

The Lab will begin work in the coming weeks, initially focusing on scaling transition finance in renewable energy and energy infrastructure.

Co-Chaired by Mr Mark Carney, UN Special Envoy on Climate Action and Finance and Co-Chair of GFANZ, and Mr Shriti Vadera, Chair of Prudential plc, the Lab will meet regularly and report directly to the World Bank Group President, Mr Ajay Banga and World Bank Group leadership.

Speaking on this, Mr Ajay Banga, World Bank President: “The World Bank is on a mission to create a world free of poverty – but on a livable planet. Achieving this vision demands that we build a better bank but also reimagine partnerships and pull in the private sector to confront – and beat – intertwined development challenges like poverty, climate, and fragility.

“The business leaders who are lending their time, talents, and expertise to this work are a crucial piece of the puzzle, and I am beyond grateful to have them onboard.

“Results won’t come overnight, but if successful, this group has the potential to unlock significant investment that will deliver jobs and better quality of life for people living throughout the Global South – the surest way to drive a nail into the coffin of poverty.”

Mr Shriti Vadera, Chair of Prudential plc: “I look forward to working with Ajay Banga and his leadership team, and Mark Carney and our fellow Lab members on the critical priority of how the World Bank can leverage and crowd in greater levels of private finance that will not otherwise be available for global public goods like climate transition, growth and poverty reduction. Every action and every penny from every actor counts, and we should prioritise the solutions and actions that are scalable, speedy, and replicable. Our focus will be on delivery and implementation to try and have a real impact on the ground.”

On his part, Mr Mark Carney, UN Special Envoy on Climate Action and Finance and Co-Chair of GFANZ: “In order to address global challenges like climate change and poverty, we need new ways for the public and private sectors to work together to catalyze investment at speed and scale – particularly in developing countries.

“Through the Private Sector Investment Lab, the World Bank and private finance will partner closely to develop, test, implement and ultimately scale financing structures and approaches that can most effectively mobilize private capital. I look forward to working with Ajay, Shriti, and the Lab’s members to deliver on this critical mission with urgency.”

Founding Members

Thomas Buberl, CEO, AXA: “Enabling an effective and fair transition is one of our generation’s greatest challenges. AXA is already active in financing transition projects in emerging countries and we are delighted to join the Private sector Investment Lab to work with other players as well as the World Bank to better catalyze private capital for transition finance in these markets.”

Larry Fink, CEO, BlackRock: “I have spoken for some time now about how reimagining the role of the multilateral development institutions could support an acceleration of investment into emerging markets. I applaud Ajay and his team at the World Bank for their initiative and leadership on this front today, and I am honoured to be asked to lend my support to this work through my participation in the Private Sector Investment Lab.”

Noel Quinn, Group CEO, HSBC Holdings Plc: “A number of financial institutions like HSBC are already developing innovative financing models in the sectors and regions that are critical and challenging to transform in order to reach net zero in time. We need to both scale up these models and develop new ones to accelerate progress. The Private Sector Investment Lab provides an important focal point for collaboration and the sharing of knowledge between financial institutions on this important topic.”

Shemara Wikramanayake, CEO, Macquarie: “Harnessing the large global pools of private sector capital is key to driving better outcomes for emerging markets. The World Bank and other MDBs have a critical role to play in catalysing this capital, including through structures to allocate and manage early-stage risks. Macquarie is delighted to work with this group to support the Private Sector Investment Lab to implement and scale these solutions, starting with a focus on transition finance.”

Hironori Kamezawa, the CEO of Mitsubishi UFJ Financial Group: “As an Asia-headquartered financial institution with an extensive footprint in emerging economies, MUFG is excited to be part of the Private Sector Investment Lab. The collaboration between public and private finance is critical in mobilizing transition finance, especially in emerging markets. This initiative provides an excellent platform to work in collaboration to address the investment gap for the global common good.”

Hendrik du Toit, CEO, Ninety One: “We welcome this initiative and are grateful to be participating because it is vital for public and private finance jointly to address these challenges.”

Jessica Tan, Co-CEO, Ping An Group: “We are delighted and honoured to join the World Bank Private Sector Investment Lab. At Ping An, in our 35 years, we have a long history of direct investment and commitment to supporting rural revitalization and development as well as education welfare, our Community Support Program in China. We continue to support green finance, financial inclusion and help communities manage climate-related sustainability issues. We believe the private sector can make a tangible difference helping progress towards climate goals, manage the risks of climate change and tackle poverty.”

Feike Sijbesma, Chairman, Royal Philips and Co-Chair, Global Climate Adaptation Centers: “Business cannot be successful in a world that fails. We have a responsibility to contribute to the development work of the World Bank.”

Sim Tshabalala, the CEO of Standard Bank: “Attracting a lot more private investment to emerging markets would significantly accelerate inclusive human development and the just transition towards a low-carbon economy. The Private Sector Investment Lab is asking precisely the right questions about how the private sector and development finance institutions should work together. I am honoured to join this discussion on behalf of Standard Bank.”

Bill Winters, Group Chief Executive of Standard Chartered: “Standard Chartered has extensive experience in collaborating with the World Bank to finance sustainable projects in emerging markets across Asia, Africa and the Middle East. As the need to mobilise private capital to close the climate investment gap reaches a critical juncture, we’re committed to providing our longstanding market expertise to the Private Sector Investment Lab to encourage innovation and act as a catalyst for credible progress in private and blended finance.”

Damilola Ogunbiyi, CEO, Sustainable Energy for All: “The multiple ongoing global crises affect developing countries around the world disproportionally. Despite already having the solutions to scale up renewable energy-based solutions to deliver development and climate progress, finance needs to be unlocked at scale in developing countries and underserved sectors. This Lab offers us the opportunity to work together to design the solutions that will speed up an inclusive global energy transition.”

N. Chandrasekaran, Chairman, Tata Sons: “Needless to say, financing for climate change remains the most important challenge that needs to be addressed. Given the long-term nature of these investments and the risks involved, setting up of the Private Sector Investment Lab to find innovative ways to attract private capital to partner with public investment is an important global initiative. I am pleased to be included in the initiative and looking forward to contributing and developing solutions.”

Dilhan Pillay Sandrasegara, Executive Director and CEO, Temasek: “Many emerging economies, especially in Asia, find it challenging to adopt sustainable solutions because of fiscal constraints, limited access to private capital, and marginal bankability for many of their transition projects. Transition financing is key to bridging these gaps, and initiatives like the Private Sector Investment Lab are a crucial step in mobilising capital to accelerate the development and scaling of viable pathways towards net zero. I look forward to working closely with my fellow founding members of the Lab, bringing together public and private sector collaboration to ensure that our impact is amplified.”

Mark Gallogly, Co-Founder and Managing Principal, Three Cairns Group: “A dramatic increase in climate finance is needed, especially in emerging economies. Three Cairns has focused on this need through initiatives like Allied Climate Partners. We are honoured to join The Private Sector Investment Lab and work with the World Bank and leading institutions to help generate, test, and scale solutions that can become commensurate to this crisis.”

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Pope Francis Dies at 88 After Protracted Illness

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pope francis

By Adedapo Adesanya

Pope Francis has died at the age of 88 after battling illness in the last couple of months.

The Vatican announced his demise on Monday morning, a day after Easter.

The pontiff, who was Bishop of Rome and head of the Catholic Church, became pope in 2013 after his predecessor, Benedict XVI resigned.

His death was announced by Cardinal Kevin Farrell in a statement released by the Vatican.

He said: “Dearest brothers and sisters, with deep sorrow I must announce the death of our Holy Father Francis.

“At 7.35am this morning, the Bishop of Rome, Francis, returned to the house of the Father. His entire life was dedicated to the service of the Lord and His Church.

“He taught us to live the values of the Gospel with fidelity, courage and universal love, especially in favour of the poorest and most marginalised.

“With immense gratitude for his example as a true disciple of the Lord Jesus, we commend the soul of Pope Francis to the infinite merciful love of the One and Triune God.”

The process for choosing a new pope – conclave – generally takes place between 15 and 20 days after the death of a pontiff.

Cardinals from around the world will gather in the Vatican and choose the new leader of the Catholic church.

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Russia’s Business Integration and Geopolitics of Multipolar World

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St. Petersburg International Economic Forum 2025.

By Kestér Kenn Klomegâh

Popularly referred to as Roscongress Foundation, St. Petersburg International Forum (SPIEF) has been its main cornerstone. The SPIEF has, all these years, focused on charting dignified internal economic integration utilizing available resources, both natural and human capital and combined with financial capability, and the possibility of increasing exportable goods to make a better world.

Since its establishment by a decree of Russian President Vladimir Putin, it has marked chronological achievements in boosting and strengthening corporate investor networking and entrepreneurship. It has also taken several key initiatives to foster potential entrepreneurship, leveraging the vast opportunities and supporting the growth of small and medium enterprises (SMEs) in the Russian Federation.

According to reports, designing business brands, expand their objective reach to internal Russia’s landscape, and developing markets in neighboring Soviet republics and farther down in Africa, Asia, Europe, United States and Latin America. Ultimately, the SPIEF is unreservedly committed to providing the necessary support to enable both the state-to-state and the private sector to thrive. Building on the previous unerasable achievements, SPIEF’s mid-June 2025 edition will continue to serve as a solid platform, particularly for corporate networking, brainstorming and collaborating on strategies for potential business developments and their subsequent growth.

The architecture of the entire business programme on 18–21 June, has been fixed, and the theme designed as “Shared Values: The Foundation of Growth in a Multipolar World”, reflecting major shifts in international cooperation and the role of universal values in enabling sustainable economic development.

During the discussions, SPIEF participants will assess and review the effectiveness of measures taken, in the past years, to achieve Russia’s economic stability and progress, and concretely to determine further economic development trajectories in the Russian Federation and its footprints in different regions in the world amidst the current geopolitical challenges.

“We are witnessing tectonic shifts in the world. Not only is the economic map changing, but so too, in some sense, are the systems of economic activity and social relations in a number of countries and even intergovernmental blocs. The St. Petersburg International Economic Forum is becoming more than just a space for dialogue and the generation of ideas and solutions. It is turning into a platform where new meanings and even new practices emerge that can shape the contours of the future.

“It’s important not only to observe these changes, but to drive them and set their direction. And all of this must happen through a format of meaningful, trust-based and collaborative dialogue,” said Anton Kobyakov, Adviser to the President of the Russian Federation and Executive Secretary of the SPIEF Organizing Committee.

The business programme has been structured around four key thematic pillars, each revealing a different dimension of global and national transformation. The central pillar, “Development Economics: Ensuring Growth”, reflects the logic of new economic thinking. It covers two major areas. “The Global Economy: A New Platform for Global Growth” focuses on the resilience of macroeconomic models, investment strategies, the expansion of logistics routes, and the development of new markets.

Discussions will address the future of international trade and supply chain transformation, the role of small and medium-sized businesses, and the regional and sector-specific dimensions of economic policy. Another major area is “The Russian Economy: A New Level of Growth”, which explores the opportunities and challenges facing the Russian economy amid global shifts.

Topics will include building an effective new-cycle economic model, strengthening the resilience of domestic industries, and developing priority sectors such as manufacturing, agriculture, and high technology. This track will also cover Russia’s innovation potential, its integration into global economic processes, investment attraction strategies, and the strengthening of the domestic market.

These themes are directly linked to technological sovereignty and innovation. The “Technology: Pursuing Leadership” pillar will focus on key directions in technological development from AI and automation to independence in microelectronics, new materials, energy, and cybersecurity. At the core is the formation of a sustainable and competitive technological base capable of ensuring the long-term development of the economy and society.

Technological advancement is impossible without a stable value system and strong cultural identity. That’s why the third pillar, “The Living Environment”, will address information sovereignty, cultural identity, social cohesion, and international humanitarian cooperation. Participants will explore how meaning is shaped and communicated in the media landscape, the mechanisms of trust in the digital age, and the role of tradition and historical memory.

This naturally leads into the fourth pillar, “The Individual in a New World”, which will focus on quality of life, health, education, family well-being, urban development, and personal fulfilment. Special attention will be paid to youth and women’s participation in the economy, new employment formats, and managing human capital as a key resource for the future.

The programme will also include sector-specific and international events that have already proven to be essential gathering points for the professional community. Among them are the SCO and BRICS Business Forums, the B20 Forum, the SME Forum, the Creative Industries Forum, and the ‘Ensuring Drug Security’ Russian Pharmaceutical Forum.

The traditional format of business dialogues with representatives from China, India, Africa, Latin America, the Middle East, ASEAN, the CIS, and the EAEU will support the expansion of bilateral and multilateral ties, showcase investment projects, and explore industrial and scientific cooperation opportunities. Additional events will include business breakfasts with leaders of major companies, project presentations, public interviews, agreement signings, and an exhibition programme.

This year’s SPIEF will also host the General Assembly of the Organization of Asia-Pacific News Agencies (OANA), as well as the Day of the Future International Youth Economic Forum. The latter is supported by Friends for Leadership, an organization accredited by the UN Economic and Social Council (ECOSOC), which brings together young leaders, entrepreneurs and experts from over 100 countries. It was created by the Roscongress Foundation following the 19th World Festival of Youth and Students in 2017.

From the above discussion, reiterating that the theme, “Shared Values: The Foundation of Growth in a Multipolar World”, reflects profound shifts in the framework of international cooperation. Rapidly evolving economic and political processes are transforming the global landscape. The current changes demand broad expert discussion, and SPIEF, as one of the largest business forums, provides a platform for an open dialogue. In addition, it aims to become a space where new ideas are born, shaped into strategy, and transformed into real-world processes that can help shape the future.

The Roscongress Foundation was established in 2007 with the aim of facilitating the development of Russia’s economic potential, promoting its national interests, and strengthening the country’s image. One of the roles of the Foundation is to comprehensively evaluate, analyse, and cover issues on the Russian and global economic agendas. It also offers administrative services, provides promotional support for business projects and attracting investment, helps foster social entrepreneurship and charitable initiatives. The Roscongress Foundation was established in pursuance of a decision by the President of the Russian Federation.

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Trump’s Tariffs, Russia and Africa Trade Cooperation in Emerging Multipolar World

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Trump's Tariffs

By Kestér Kenn Klomegâh

With geopolitical situation heightening, trade wars are also becoming increasingly prominent. The 47th United States President Donald Trump has introduced trade tariffs, splashed it over the world. China, an Asian trade giant and an emerging economic superpower, has its highest shared.

South Africa, struggling with its fragile foreign alliances, is seriously navigating the new United States economic policy and trade measures, at least to maintain its membership in the African Growth and Opportunities Act (AGOA) which is going to expire in September 2025.

It is a well-known fact that AGOA waived duties on most commodities from Africa in order to boost trade in American market. The AGOA also offers many African countries trade preferences in the American market, earning huge revenues for their budgets. Financial remittances back to Africa also play mighty roles across the continent from the United States.

That however, the shifting geopolitical situation combined with Trump’s new trade policies and Russia’s rising interest in Africa, the overarching message for African leaders and business corporate executives is to review the level of degree how to appreciably approach and strengthen trade partnership between Africa and Russia.

The notion of a new global order and frequently phrased multipolar world, indicating the construction of a fairer architecture of interaction, in practical terms, has become like a relic and just as a monumental pillar. Even as we watch the full-blown recalibration of power, the geopolitical reshuffling undoubtedly creates the conditions for new forms of cooperation.

In this current era of contradictions and complexities we are witnessing today, we must rather reshape and redefine rules and regulations to facilitate bilateral and multilateral relations between African countries and Russia, if really Russia seeks to forge post-Soviet strategic economic cooperation with Africa.

In fact, post-Soviet in the sense that trade is not concentrate on state-to-state but also private – including, at least, medium scale businesses. The new policy dealing with realities of the geopolitical world, distinctively different from Soviet-era slogans and rhetorics of ‘international friendship and solidarity’ of those days.

Bridging Africa and Russia, at least in the literal sense of the word, necessitates partial departure from theoretical approach to implementing several bilateral and multilateral decisions, better still agreements reached at previous summits and conferences during the past decade.

Understandably Africa has a stage, Russia termed ‘the struggle against neo-colonial tendencies’ and mounting the metal walls against the ‘scrambling of resources’ across Africa. Some experts argued that Africa, at the current stage, has to develop its regions, modernize most the post-independence-era industries to produce exportable goods, not only for domestic consumption. Now the emphasis is on pushing for prospects of a single continental market, the African Continental Free Trade Agreement (AfCFTA).

This initiative, however, must be strategically and well-coordinated well, and here I suggest integration and cooperation starting at country-wide basis to regional level before it broadly goes to the entire continent, consisting 54 independent states.

These are coordinated together as African Union (AU), which in January 2021 initiated the African Continental Free Trade Agreement (AfCFTA). With this trading goals in mind, Africa as a continent has to integrate, promote trade and economic cooperation, engage in investment and development. In that direction, genuine foreign partners are indiscriminately required, foreign investment capital in essential for collaboration as well as their entrepreneurial skills and technical expertise.

For instance, developing relations with Asian giants such China and India, the European Union and the United States. A number of African countries are shifting to the BRICS orbit, in search for feasible alternative opportunities, for the theatrical trade drama. In the Eurasian region and the former Soviet space, Kazakhstan and Russia stand out, as potential partners, for Africa.

Foreign Affairs Minister Sergey Lavrov has said, at the podium before the staff and students at Moscow State Institute of International Affairs in September, that trade between Russia and Africa would grow further as more and more African partners continued to show interest in having Russians in the economic sectors in Africa. This provides greater competition between the companies from Western countries, China, and Russia. With competition for developing mineral resources in Africa, it is easier and cheaper for African colleagues to choose partners.

As far back in October 2010, Russian Foreign Affairs Ministry posted an official report on its website that traditional products from least developed countries (including Africa) would be exempted from import tariffs. The legislation stipulated that the traditional goods are eligible for preferential customs and tariffs treatment.

Thereafter, Minister Sergey Lavrov has reiterated, in speeches, trade preferences for African exporters, but terribly failed to honour these thunderous promises. Notwithstanding the above granting trade preferences, there prevailing multitude of questions relating to the pathways of improving trade transactions, and removing obstacles including those Soviet-era rules and regulations.

Logistics is another torny hurdle. Further to this, Russian financial institutions can offer credit support that will allow to localize Russian production in Africa’s industrial zones, especially southern and eastern African regions that show some stability and have good investment and business incentives.

In order to operate more effectively, Russians have to risk by investing, recognize the importance of cooperation on key investment issues and to work closely on the challenges and opportunities on the continent. On one hand, analyzing the present landscape of Africa, Russia can export its technology and compete on equal terms with China, India and other prominent players. On the other hand, Russia lacks the competitive advantage in terms of finished industrial (manufactured) products that African consumers obtain from Asian countries such as China, India, Japan and South Korea.

Compared to the United States and Europe, Russia did very little after the Cold War and it is doing little even today in Africa. On 27th–28th July 2023, St Petersburg hosted the second Russia-Africa summit. At the plenary session, President Vladimir Putin underscored the fact that there was, prior to the collapse of the Soviet, there were over 330 large infrastructure and industrial facilities in Africa, but most were lost. Regarding trade, Putin, regrettably, noted Russia’s trade turnover with the African countries increased in 2022 and reached almost US$18 billion, (of course, that was 2022).

Arguably, Russia’s economic presence is invisible across Africa. It currently has insignificant trade statistics. Until the end of the first quarter of 2025, Russia still has a little over $20 billion trade volume with Africa. Statistics on Africa’s trade with foreign countries vary largely.

For example, the total United States two-way trade in Africa has actually fallen off in recent years, to about $60 billion, far eclipsed by the European Union with over $240 billion, and China more than $280 billion, according to a website post by the Brookings Institution.

According to the African Development Bank, Africa’s economy is growing faster than those of any other regions. Nearly half of Africa is now classified as middle income countries, the numbers of Africans living below the poverty line fell to 39 percent as compared to 51 percent in 2023, and around 380 million of Africa’s 1.4 billion people are now earning good incomes – rising consumerism – that makes trade profitable.

Nevertheless, there is great potential, as African leaders and entrepreneurial community are turing to Russia for multifaceted cooperation due to the imperialist approach of the United States and its hegemonic stand triggered over the years, and now with Trump new trade tariffs and Washington’s entire African policy.

China has done its part, Russia has to change and adopt new rules and regulations, pragmatic approach devoid of mere frequent rhetorics. It is important discussing these points, and to shamelessly repeat that both Russia and Africa have to make consistent efforts to look for new ways, practical efforts at removing existing obstacles that have impeded trade over the years.

Sprawling from the Baltic Sea to the Pacific Ocean, Russia is a major great power and has the potential to become a superpower. Russia can regain part of its Soviet-era economic power and political influence in present-day Africa.

Certainly, the expected superpower status has to be attained by practical multifaceted sustainable development and by maintaining an appreciably positive relations with Africa. We have come a long way, especially after the resonating first summit (2019 and high-praised second summit (2023), several bilateral agreements are yet to be implemented. The forthcoming Russia – Africa Partnership summit is slated for 2026, inside Africa and preferably in Addis Ababa, Ethiopia.

Kestér Kenn Klomegâh is a frequent and passionate contributor. During his professional career as a researcher specialising in Russia-Africa policy, which spans nearly two decades, he has been detained and questioned several times by Russian federal security services for reporting facts. Most of his well-resourced articles are reprinted in a number of reputable foreign media.

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