Private enterprises are the main engine of economic growth across the world. They create nine out of 10 jobs in developing countries, produce the goods and services people need to improve their lives, and generate most of the tax revenue needed for governments to provide essential services. They are also an important source of financing.
As economic and political turbulence hinders growth in many developing countries, the private sector must play an even bigger role if we are to achieve the goals of ending extreme poverty by 2030 and boosting shared prosperity in every developing country.
Finding new ways to unleash the power of the private sector to tackle development challenges was part of the discussions at the 2017 Spring Meetings, which took place on April 21-23 in Washington, D.C. How to enable private investment in fragile situations, and how to increase financial protection for all were at the center of several panels.
IFC has put the transformative power of markets at the center of our strategy for growth and development impact. By coordinating our advisory and investment offerings with the World Bank’s support for reforms, we are enabling private companies to invest—even in the most difficult environments. This session explored initiatives where this approach has already been adopted successfully, demonstrating that thriving markets can help solve development challenges.
» Read the story: Creating Opportunities for All
Across the world, women are earning more. Their power to influence household spending is increasing. Yet their ability to mitigate financial risk—for themselves, their assets, and their families—remains low. Participants discussed the role the insurance industry and its stakeholders can play in increasing financial protection for women from all income levels, while strengthening their participation in the economy.
» Read the story: Increasing Women's Financial Protection
More than 1 billion people live in countries that are affected by conflict and instability. Developing a robust private sector is key to development—here and everywhere. Yet, in these fragile environments, private enterprises face highly complex political, regulatory, operational, and security-related challenges. This event’s panelists discussed how firms operate in conflict-affected contexts, and provided innovative ideas on how the development community can support private enterprise in these markets.