Delhi Sunil Bharti Mittal, the founder and chairman of Bharti Enterprises, is one of the new members of the World Bank Group’s Private Sector Investment Lab (PSIL), which is focusing on applying proven solutions at scale. The PSIL’s next phase has been announced.

According to a release, the Bank’s increased emphasis on job creation as a key driver of development is clearly aligned with this new chapter, which also broadens the Lab’s membership to include business executives with expertise creating employment in developing nations.

“We are mainstreaming this work across our operations and tying it directly to the jobs agenda that is driving our strategy with the expanded membership,” said Ajay Banga, Group President of the World Bank.

Helping the private sector find a way to make investments that will pay off and benefit both people and economies is the goal here, not charity. It’s essential to our mission,” Banga said.

Bill Anderson, the CEO of Bayer AG; Sunil Mittal; Aliko Dangote, the president and CEO of the Dangote Group; and Mark Hoplamazian, the president and CEO of Hyatt Hotels Corporation, are among the new members of the Lab.

“With its efforts to expand economies and open doors in developing markets worldwide, the World Bank Group is setting the standard. The private sector will be crucial to this change, as President Banga has said, and I’m excited to join the PSIL with other illustrious business leaders,” Mittal remarked.

I have personally seen how connection can change people’s lives by fostering the expansion of enterprises and the prosperity of communities. As PSIL begins the next phase of its significant work, I hope that the telecom industry’s achievements will be useful,” Mittal said.

In order to determine the most important obstacles to private sector investment in developing nations and to test workable alternatives, the Lab has gathered executives from international financial institutions over the last 18 months.

Banga said, “We are appreciative of the original Lab leaders who assisted us in achieving excellent outcomes during the first work period.” In order to get from ideas to action, he said, “we’re building on that foundation — bringing in additional leaders from sectors that are central to job creation.”

Shriti Vadera, the chair of Prudential plc, is in charge of the lab.

Vadera said, “We appreciate the support of our new members as we continue to concentrate on five important areas: foreign exchange risk; regulatory and policy certainty; guarantees, as the most popular and well-understood tool to address political and credit risks; scaling various forms of equity; and developing an asset class and liquid market to draw in institutional funds.”