Reimagining the Role of the Private Sector in Development
By: Homi Kharas
EXECUTIVE SUMMARY
The private sector is willing to contribute more to
sustainable development, but companies lack models
of what to do and how to engage in partnerships
with the public sector. The private sector is needed
to develop and take to scale new patterns of sustainable
production. But for it to do so, it needs to form
new partnerships with aid agencies and other public
financial institutions. These partnerships should focus
on:
- Mobilizing long-term private finance for sustainable
development;
- Generating more innovation in technologies
and business models;
- Building mechanisms to hold the private
sector accountable for development results.
Every high-level development report and project
now has private sector involvement. The time is ripe
to systematize this approach and experiment with
new forms of public-private partnerships.