Creating opportunity for jobs, growth and reducing poverty
How do the poor hope to escape from poverty? The World Bank’s landmark 2000 report Voices of the Poor gives an unequivocal answer: above all, the poor pin their hopes for escape from poverty on income from employment in their own businesses or on wages earned through employment.
The best hope for business and job creation comes from a thriving private sector.
Government policies have a decisive impact on shaping the business environment for the private sector. The international development community can best support government policies for the business environment in five key areas, which are the focus of the Financial and Private Sector Development Vice Presidency:
Developing a regulatory environment that fosters opportunities for entrepreneurship and job creation
Facilitating access to a broad range of financial services—for firms and for households
Mobilizing the private sector to offer better services, such as housing finance and insurance, to the poor as consumers
Supporting developing countries build robust financial systems that are resilient to shocks
Measuring the development results of the World Bank Group’s private sector activities and helping to advance results measurement in the development community
Financial and Private Sector Development is a joint World Bank and IFC Vice Presidency tasked with ensuring effective coordination between staff, business models, and related multi-donor facilities.