IFC, WEF strengthen global partnership to address challenges in private sector development

The International Finance Corporation (IFC) and the World Economic Forum (WEF) announced on Friday an enhanced global partnership to tackle the most pressing challenges in private sector development.

The pandemic demonstrated the power of global coordination and multi-stakeholder action to unlock solutions to global challenges such as climate change, fragility and inequality, reads a press release.

Working closely together, IFC and the WEF will maximize public and private sector collaboration to achieve the goals of sustainable development and shared prosperity.

This partnership builds on a unified vision of collaboration across government, civil society and the private sector to drive impactful solutions and solve some of the most pressing challenges of our time, especially for fragile and vulnerable populations.

Strengthening financial inclusion and financial systems:

As the world continues to face the uncertainty created by a global health and economic crisis, IFC and the WEF will work together to support sustainable and equitable economic recovery, focusing on economic inclusion and leveraging opportunities to finance a net-zero transition.

Climate and nature-based solutions:

As businesses in all sectors are ramping up efforts to reduce their carbon footprint, IFC and the WEF will work to harness this momentum and mobilize private capital for climate-friendly investments and climate-smart technologies.

Digitalisation:

The digital revolution is disrupting and transforming every aspect of society. Access to new technology holds enormous potential to boost global prosperity and reach historically underserved populations. To this end, IFC and the WEF will work to support digital inclusion and high-impact start-ups to drive long-term growth in emerging economies.