Dr. James Mwangi, the CEO of Equity Group Holdings, has been appointed to the World Bank Group’s High-Level Advisory Council on Jobs. This prestigious role places Dr. Mwangi among global leaders tasked with addressing the interconnected challenges of unemployment, economic inequality, and climate change.
The High-Level Advisory Council on Jobs was launched during the 2024 World Bank Group-IMF Annual Meeting, in October 2024 in Washington, DC, with the ethic that creating jobs is central to combating poverty, growing prosperity, and enhancing dignity.
The announcement, made by the World Bank Group, underscores Dr. Mwangi’s significant contributions to financial inclusion and economic empowerment in Africa. His appointment comes at a critical time when the world faces a convergence of crises, including rising unemployment, geopolitical tensions, and the pressing need for sustainable development.
The World Bank is sharpening its focus on job creation through the High-Level Advisory Council as it is estimated that over the next 10 years, an unprecedented 1.2 billion people in the Global South will become adults of working age.
Yet there will only be approximately 420 million jobs available for these same young people leaving nearly 800 million without a clear path to prosperity. The Council will focus on youth and female employment opportunities in emerging and developing economies to help nations turn the challenge into an opportunity that powers the future.
“Because this issue is so fundamental to our collective future, the established High-Level Advisory Council on Jobs will be co-chaired by an international panel of experienced practitioners who have demonstrated job creation in their own countries. Tharman Shanmugaratnam, President of Singapore and Former Deputy Prime Minister and Coordinating Minister for Economic and Social Policies, and Michelle Bachelet, Former President of Chile, and Head of Government for two terms will co-chair the council. noted Mr. Ajay Banga, President, World Bank Group.
Dr. Mwangi, a veteran in financial services, has earned international recognition for his transformative leadership at Equity Group Holdings. Under his stewardship, the bank has grown into one of the most influential financial institutions in Africa, with a customer-centric model that prioritizes socio-economic empowerment.
“The panel brings together the experience and knowledge of fourteen leading policymakers, business leaders, academics, and civil society pioneers,” Ajay added
The World Bank Group highlighted Dr. Mwangi’s track record of leveraging financial innovation to uplift underserved communities. His contributions to expanding access to credit, promoting entrepreneurship, and supporting small and medium enterprises (SMEs) align closely with the council’s goals of fostering job creation and economic resilience.
The High-Level Advisory Council on Jobs serves as a platform for collaboration between global thought leaders, policymakers, and institutions. Dr. Mwangi will work alongside other distinguished members to advise on strategies that address the root causes of unemployment while considering the implications of climate change and technological disruptions.
The council’s immediate focus includes developing actionable recommendations to support governments and private sectors in creating sustainable job opportunities. Emphasis will be placed on vulnerable populations, particularly youth and women, who have been disproportionately affected by job losses.
In a statement, Dr. James Mwangi Equity CEO expressed gratitude for the opportunity to serve on the council. “I’m honored to have been asked to serve on the World Bank Global Jobs Council, in order to support the creation of jobs for the young people of Africa”, said Dr. Mwangi.
“Young people are our future and the key to sustainable development for the continent. Equity’s Africa Recovery and Resilience Plan seeks to create 50 million jobs in the region by 2030 and my intention is to utilize the learnings of the council to maximize this initiative.”
Other members of the council include Guy Ryder, Under Secretary General for Policy at the United Nations; Patrick Achi, the former Prime Minister of Cote d’Ivoire; Sebastien Bazin, Group Chairman and CEO of Accor Group; Nonkululeko Nyembezi, Chairman of Standard Bank Group; Preetha Reddy, Executive Vice President of Apollo Hospitals Enterprise Limited; Mostafa Terrab, Chairman and CEO of OCP Group; Marianne Bertrand, Distinguished Professor of Economics at the University of Chicago Booth School of Business.
Madhav Chavan, co-founder and President of Pratham, the largest and most successful education organizations in India; Marcela Eslava, Professor of Economics at Universidad de Los Andes, Bogota, Colombia; Fang Cai, Chief Expert at the National Think Tank at the Chinese Academy of Social Sciences; Nicola Galombik, Head of Yellowoods Group; Roxana Maurizio, researcher and professor at the University of Buenos Aires Institute of Economics; Denis Minev, an angel investor in Amazon projects; and Rohini Pande, the Henry j. Heinz II Professor of Economics and Director of the Economic Growth Center at Yale University.
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