Dr. James Mwangi, Managing Director and CEO of Equity Group Holdings, has been named to the World Bank Group’s High-Level Advisory Council on Jobs. The council, established to address global employment challenges, brings together 14 influential policymakers, business leaders, academics, and civil society pioneers.
Dr. Mwangi expressed gratitude for the opportunity, emphasizing his commitment to ensuring the council’s learnings enhance Equity’s initiatives across the continent.
“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. 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.” said Dr. Mwangi.
The World Bank Group’s High-Level Advisory Council is co-chaired by Tharman Shanmugaratnam, President of Singapore and former Deputy Prime Minister, and Michelle Bachelet, former President of Chile and two-time Head of Government. Its mission is to provide thought leadership and actionable recommendations to advance job creation as a central strategy for reducing poverty and promoting prosperity.
The High-Level Advisory Council on Jobs was launched at the 2024 World Bank Group-IMF Annual Meeting in Washington, DC, with a focus on creating employment opportunities for youth and women in developing economies. The World Bank, recognizing the significant demographic shift in the Global South, estimates that 1.2 billion young people will reach working age in the next decade, but only 420 million jobs will be available, leaving 800 million without stable opportunities.
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Ajay Banga, President of the World Bank Group, emphasized the importance of the council’s work, noting that employment is key to personal dignity, self-sufficiency, and societal belonging. Additionally, Dr. Mwangi highlighted Africa’s demographic potential.
“Over the next decade the world is expected to experience significant demographic shift with one in four people on the planet being African, and more than a third of the world’s young people residing in Africa. These global demographic shifts are the result of progress on the African continent including life expectancy, per capita income, health, education and improving nutritional levels. An outcome of these developments has been rapid population growth. Effectively leveraging the demographic dividend in Africa could account for up to 15% of GDP growth and a 17% reduction in poverty by 2030.” said Dr. Mwangi.
Dr. Mwangi’s inclusion recognizes his leadership in job creation, particularly through Equity’s Africa Recovery and Resilience Plan, which targets the creation of 50 million jobs by 2030.
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The World Bank Group’s High-Level Advisory Council will convene every two months over the next two years, engaging directly with senior World Bank leadership to influence policy and program development.
Tharman Shanmugaratnam and Michelle Bachelet praised Dr. Mwangi’s expertise in their joint appointment letter, stating, “We would be immensely grateful to benefit from your deep expertise, experience and unique perspectives as a member of the Council.”