From Uche Usim, Bangkok, Thailand
The World Bank Group has launched a new platform to attract more funding, expertise and partnerships from philanthropic organisations to tackle poverty and improve living conditions across the world.
The platform, known as the Philanthropy Hub, is designed to connect charitable foundations, investors, development institutions and other partners with projects that need funding and technical support.
Launched yesterday in Bangkok, Thailand, the initiative seeks to turn promising ideas and small-scale projects into wider solutions capable of reaching millions of people, particularly in countries facing growing development needs and limited public funds.
The launch took place at the first World Bank Group Philanthropy Forum, held on the sidelines of the World Bank Group-International Monetary Fund Annual Meetings.
The forum brought together more than 200 leaders from philanthropic foundations, family offices, development institutions and partner organisations.
Speaking on the initiative the Managing Director and Chief Knowledge Officer of the World Bank Group, Paschal Donohoe, said partnerships with philanthropic organisations had become increasingly important as development needs grew and public resources came under pressure.
He said such organisations brought not only grants but also technical knowledge, investment capital and the ability to bring different partners together to address development challenges.
“The Philanthropy Hub will connect ideas, resources and partners to take those solutions to scale, and to deliver for people and communities around the world,” Donohoe said.
The World Bank Group said philanthropic organisations were already supporting some of its key initiatives, including Mission 300, Health Works and Water Forward, which are aimed at addressing critical development challenges.
As part of efforts to expand such partnerships, two leading philanthropic networks in Asia signed memoranda of understanding with the World Bank Group on the sidelines of the forum.
The Asian Venture Philanthropy Network (AVPN) will use its regional network to bring foundations, social investors and private-sector partners together to support the bank’s development programmes.
AVPN also announced a dedicated fund to support Health Works, a World Bank Group initiative aimed at helping 1.5 billion people gain access to quality, affordable healthcare services.
The fund will finance technical assistance to support the implementation of the initiative.
Similarly, Temasek Trust will work with the World Bank Group to develop partnership models capable of attracting philanthropic funding and expanding the reach of development projects.
Drawing on its experience in mobilising funds, bringing partners together and developing innovative financing methods, Temasek Trust will support priority initiatives, including AgriConnect, Health Works and Water Forward.
AgriConnect focuses on agricultural development, while Health Works targets access to healthcare and Water Forward supports efforts to improve access to water.
The World Bank Group said knowledge sharing would also be central to the new hub, with a growing network of partners expected to help turn research, data and practical experience into solutions that deliver measurable results in countries where it operates.
The network includes the Mo Ibrahim Foundation, Latimpacto, Philanthropy Asia Alliance and the Centre for Asian Philanthropy and Society.
Other partners include consulting and advisory firms such as Boston Consulting Group, Bridgespan, Dalberg and Coefficient Giving, as well as academic and research institutions, including the Marshall Institute at the London School of Economics and Indiana University’s Lilly Family School of Philanthropy.
The World Bank Group said the hub would serve as a single point of entry for philanthropic organisations seeking to support its work, helping them identify suitable projects, share expertise and coordinate resources around common development priorities.
The initiative comes as governments face competing demands for public spending, increasing the need for additional sources of funding to support healthcare, agriculture, water access and other essential services.
The World Bank Group operates in more than 100 countries, providing financing, advice and solutions aimed at reducing poverty, creating jobs, strengthening economic growth and addressing major global challenges.
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