Bank Group vision for Private Sector
The Bank’s private sector vision is based on a conceptual framework for development impact that links entrepreneurship, investment and economic growth with the Bank’s ultimate goal of poverty alleviation and sustainable growth.
A vibrant private sector is the engine of growth which, generates decent jobs and creates increased opportunities for more inclusive and green growth. The Bank Group therefore identifies private sector development as a core operation in the achievement of the five priority areas, referred as the high 5s.
The Private Sector has been assigned the responsibility of ensuring that the Bank is responsive to the private sector’s needs and to extend appropriate technical and financial support, within the general framework of assisting Regional Member Countries (RMCs) as they shift from state-controlled economies to private-led economies.
This emphasis on the pivotal role of the Private Sector has also been reaffirmed in all Bank policy documents. In sectors such as agriculture, infrastructure, education and health, the related policies recognize that the development of a strong and dynamic private sector is crucial to sustainable economic growth and poverty reduction.
In this context, the major challenges assigned by the Bank to its Private Sector are to:
- Play a catalytic role in mobilizing financial resources for private sector development;
- Extend technical assistance to intermediaries and beneficiaries concerned with private sector activities;
- Identify appropriate and innovative mechanisms to support private sector entities, with a special focus on SMEs; and
- Complement other Bank actions aimed at improving the business climate and increasing confidence among lenders and potential investors in Regional Member Countries (RMCs).