The World Bank Group has launched a new platform to mobilise philanthropic capital, expertise and partnerships to address growing development challenges amid shrinking public resources.
The platform, known as the Philanthropy Hub, is designed to connect philanthropic organisations with development initiatives, helping to scale up innovative solutions and channel funding and knowledge towards countries and communities in need.
The World Bank Group announced the launch on Monday in Bangkok, Thailand, during its first Philanthropy Forum, held on the sidelines of the World Bank Group-International Monetary Fund, IMF, Annual Meetings.
The initiative is part of the institution’s broader effort to move development projects beyond pilot stages and isolated interventions towards large-scale solutions through coordinated partnerships.
According to the World Bank Group, the hub will serve as a single-entry point for philanthropic organisations seeking to work with the institution, helping them identify opportunities to contribute funding, technical expertise, innovative solutions and knowledge to development programmes.
It will also promote knowledge sharing, innovative partnerships and the alignment of financial resources around common development priorities.
The launch comes amid rising global development needs and increasing pressure on public finances, which have limited the resources available to governments to address poverty, healthcare, water access and other critical challenges.
The World Bank Group said philanthropic organisations were becoming increasingly important development partners, contributing not only grants but also investment capital, technical expertise and networks capable of bringing different stakeholders together.
It cited initiatives such as Mission 300, Health Works and Water Forward as examples of programmes receiving support from philanthropic organisations.
Speaking on the initiative, the World Bank Group’s Managing Director and Chief Knowledge Officer, Paschal Donohoe, said partnerships were becoming increasingly important as development needs grew and available resources came under pressure.
“As development needs grow and resources come under pressure, partnership matters more than ever,” Mr Donohoe said.
He said philanthropic organisations brought expertise and innovative solutions that aligned with the World Bank Group’s core missions and jobs agenda.
“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,” he added.
The inaugural Philanthropy Forum brought together more than 200 leaders from philanthropic foundations and networks, family offices, development institutions and partner organisations.
The forum was co-convened by the World Bank Group in partnership with the Asian Venture Philanthropy Network, AVPN, the Institute of Philanthropy, the Organisation for Economic Co-operation and Development’s netFWD, and the Philanthropy Asia Alliance by Temasek Trust.
On the sidelines of the event, two major philanthropic networks in Asia signed memoranda of understanding with the World Bank Group to strengthen collaboration and mobilise resources for development initiatives.
Under the agreement with AVPN, the network’s extensive regional connections will be used to bring together foundations, social investors and private-sector partners to support World Bank Group 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 and affordable health services.
The fund will provide financing for technical assistance to support the initiative.
The World Bank Group said the partnership would help philanthropic organisations and private-sector actors combine resources and expertise to support health-related development interventions.
Temasek Trust also signed a memorandum of understanding with the institution, bringing its experience in mobilising philanthropic capital, convening partners and advancing innovative financing models to the collaboration.
The partnership will focus on developing scalable models for cooperation, particularly around the World Bank Group’s priority initiatives, including AgriConnect, Health Works and Water Forward.
AgriConnect focuses on agricultural development, while Health Works targets access to affordable healthcare. Water Forward is among the institution’s initiatives aimed at addressing water-related development challenges.
Beyond financing, the World Bank Group said knowledge would be central to the operations of the Philanthropy Hub.
A growing network of knowledge partners is expected to help translate research, data and practical experience into development outcomes in countries where the institution operates.
The network includes organisations with strong regional and international connections, such as the Mo Ibrahim Foundation, Latimpacto, the Philanthropy Asia Alliance and the Centre for Asian Philanthropy and Society.
It also includes strategy and advisory organisations such as Boston Consulting Group, Bridgespan, Dalberg and Coefficient Giving.
Academic and research institutions participating in the network include the Marshall Institute at the London School of Economics and Indiana University’s Lilly Family School of Philanthropy.
The World Bank Group said the combination of financial resources, specialised knowledge and broader networks would help strengthen collaboration between philanthropic organisations and development institutions.
The institution operates in more than 100 countries, providing financing, policy advice and other solutions intended to reduce poverty, promote economic growth, create jobs and address major global challenges.
Its stated vision is to create a world free of poverty on a liveable planet.