World
Olubiyi, Others to Join 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.”
By Kestér Kenn Klomegâh
After the expiration of bilateral agreement on trade, the US Congress as well as African leaders, highly recognizing its significance, has been pursuing the extension of the African Growth and Opportunity Act (AGOA). The agreement, which allows duty-free access to American markets for African exporters, expired on September 30, 2025.
The US Congress is advancing a bill to revive and extend AGOA, but South Africa’s continued inclusion remains uncertain. The trade pact still has strong bipartisan support, with the House Ways and Means Committee approving it 37-3. However, US Trade Representative, Jamieson Greer, raised concerns about South Africa, citing tariffs and non-tariff barriers, and said the administration could consider excluding the country.
This threat puts at risk the duty-free access that has significantly benefited South African automotive, agricultural, and wine exports. The debate highlights how trade policy is becoming entangled with broader diplomatic tensions, casting uncertainty over a key pillar of US-Africa economic relations.
Nevertheless, South Africa continues to lobby for inclusion. South Africa trade summary records show that the US goods and services trade with South Africa estimated at $26.2 billion in 2024. The US and South Africa signed a Trade and Investment Framework Agreement (TIFA) as far back as in 2012.
The duty-free access for nearly 40 African countries has boosted development and fostered more equitable and sustainable growth in Africa. By design AGOA is a useful mechanism for improving accessibility to trade competitiveness, connectivity, and productivity. During these past 25 years, AGOA has been the cornerstone of US economic engagement with the countries of sub-Saharan Africa.
Key features and benefits of AGOA:
It’s worth reiterating here that during these past several years, AGOA has been the cornerstone of US economic engagement with the countries of sub-Saharan Africa. In this case, as AGOA is closely working with the African Continental Free Trade Area (AfCFTA) Secretariat and with the African Union (AU), trade professionals could primarily leverage various economic sectors and unwaveringly act as bridges between the United States and Africa.
* Duty-free Access: AGOA allows eligible products from sub-Saharan African countries to enter the US market without paying tariffs.
* Promotion of Economic Growth: The program encourages economic growth by providing incentives for African countries to open their economies and build free markets.
* Encouraging Economic Reforms: AGOA encourages economic and political reforms in eligible countries, including the rule of law and market-oriented policies.
* Increased Trade and Investment: The program aims to strengthen trade and investment ties between the United States and sub-Saharan Africa.
With the changing times, Africa is also building its muscles towards a new direction since the introduction of the African Continental Free Trade Area (AfCFTA), which was officially launched in July 2019.
In practical terms, trading under the AfCFTA commenced in January 2021. And the United States has prioritized the AfCFTA as one mechanism through which to strengthen its long-term relations with the continent. In the context of the crucial geopolitical changes, African leaders, corporate executives, and the entire business community are optimistic over the extension of AGOA, for mutually beneficial trade partnerships with the United States.
Worthy to say that AGOA, to a considerable degree, as a significant trade policy has played a crucial role in promoting economic growth and development in sub-Saharan Africa.
By Kestér Kenn Klomegâh
Africa stands at the cusp of a transformative digital revolution. With the expansion of mobile connectivity, internet penetration, digital platforms, and financial technology, the continent’s digital economy is poised to become a significant driver of sustainable development, intra-Africa trade, job creation, and economic inclusion.
The African Union’s Agenda 2063, particularly Aspiration 1 (a prosperous Africa based on inclusive growth and sustainable development), highlights the importance of leveraging technology and innovation. The implementation of the African Continental Free Trade Area (AfCFTA) has opened a new chapter in market integration, creating opportunities to unlock the full potential of the digital economy across all sectors.
Despite remarkable progress, challenges persist. These include limited digital infrastructure, disparities in digital literacy, fragmented regulatory frameworks, inadequate access to financing for tech-based enterprises, and gender gaps in digital participation. Moreover, Africa must assert its digital sovereignty, build local data ecosystems, and secure cyber-infrastructure to thrive in a rapidly changing global digital landscape.
Against this backdrop, the 16th African Union Private Sector Forum provides a timely platform to explore and shape actionable strategies for harnessing Africa’s digital economy to accelerate intra-Africa trade and sustainable development.
The 16th High-Level AU Private Sector forum is set to take place in Djibouti, from the 14 to 16 December 2025, under the theme “Harnessing Africa’s Digital Economy and Innovation for Accelerating Intra-Africa Trade and Sustainable Development”
The three-day Forum will feature high-level plenaries, expert panels, breakout sessions, and networking opportunities. Each day will spotlight a core pillar of Africa’s digital transformation journey.
Day 1: Digital Economy and Trade Integration in Africa
Focus: Leveraging digital platforms and technologies to enhance trade integration and competitiveness under AfCFTA.
Day 2: Innovation, Fintech, and the Future of African Economies
Focus: Driving economic inclusion through fintech, innovation ecosystems, and youth entrepreneurship.
Day 3: Building Policy, Regulatory Frameworks, and Partnerships for Digital Growth
Focus: Creating an enabling environment for digital innovation and infrastructure through effective policy, governance, and partnerships.
To foster strategic dialogue and action-oriented collaboration among key stakeholders in Africa’s digital ecosystem, with the goal of leveraging digital economy and innovation to boost intra-Africa trade, accelerate economic transformation, and support inclusive, sustainable development.
* Promote Digital Trade: Identify mechanisms and policy actions to enable seamless cross-border digital commerce and integration under AfCFTA.
* Foster Innovation and Fintech: Advance inclusive fintech ecosystems and support innovation-driven entrepreneurship, especially among youth and women.
* Policy and Regulatory Harmonization: Build consensus on regional and continental digital regulatory frameworks to foster trust, security, and interoperability.
* Encourage Investment and Public-Private Partnerships: Strengthen collaboration between governments, private sector, and development partners to invest in digital infrastructure, R&D, and skills development.
* Advance Digital Inclusion and Sustainability: Ensure that digital transformation contributes to environmental sustainability and the empowerment of marginalized communities.
The AU Private Sector Forum has held several forums, with key recommendations. These recommendations provide valuable insights into the challenges and opportunities facing the African private sector and offer guidance for policymakers on how to support its growth and development.
By Kestér Kenn Klomegâh
Lukoil, Russia’s energy giant, has seriously lost its grounds across Africa, due to United States sanctions. Sanctions have complicated the company’s potential continuity in operating its largest oil field projects, grappling its investment particularly in Republic of Ghana, Democratic Republic of Congo, and Federal Republic of Nigeria.
Reports indicated the sanctions are further dismantling most of Lukoil’s operations, causing significant staff layoffs in its offices worldwide. For instance, Lukoil’s significant upstream operations in the Middle East include a 75% stake in Iraq’s West Qurna 2 oilfield and a 60% stake in Iraq’s Block 10 development. In Egypt, the company holds stakes in various oilfields alongside local partners.
Lukoil has until December 13, 2025, to negotiate the sale of most of its international assets, including those in Asia, Africa and Latin America. It has already terminated several important agreements that were signed with international partners due to difficulties in circumventing the sanctions.
Reports said calculated efforts to diversify exploration business relations is turning extremely complex, and current at the cross-roads, Lukoil will have to ultimately give up existing contracts and agreements it had signed with external countries.
Lukoil’s website reports also pointed to reasons for abandoning oil and gas exploration and drilling project that it began in Sierra Leone. According to those reports, Lukoil could withdraw from almost all of the projects in West Africa.
In addition to geopolitical sanctions, technical and geographical hitches, Lukoil noted on its website, an additional obstacles that “the African leadership and government policies always pose serious problems to operations in the region.” Similarly, the Kremlin-controlled Rosneft abandoned its interest in the southern Africa oil pipeline construction, negatively impacted on Angola, Mozambique, South Africa and Zimbabwe.
United States sanctions has hit Lukoil, one of the Russia’s biggest oil companies, like many other Russian companies, that has had a long history shuttling forth and back with declaration of business intentions or mere interests in tapping into oil and gas resources in Africa.
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