The World Bank Group has launched a new platform, the Philanthropy Hub, to mobilise philanthropic capital, private investment, expertise and institutional networks to support development initiatives worldwide.

The initiative aims to strengthen partnerships with private and philanthropic organisations and scale up successful innovative solutions as development needs grow and public resources face increasing pressure.

The platform was launched on Monday, October 12, at the inaugural World Bank Group Philanthropy Forum in Bangkok, held alongside the annual meetings of the World Bank and the International Monetary Fund (IMF). More than 200 representatives from philanthropic foundations, family offices, development organisations and partner institutions attended the event.

World Bank Group Managing Director and Chief Knowledge Officer Paschal Donohoe said partnerships among institutions had become increasingly important as development needs continued to rise while resources remained constrained.

He said the expertise and innovative solutions offered by philanthropic organisations closely aligned with the World Bank Group’s development goals and job creation programmes. The new hub would bring together ideas, resources and partners to help expand effective solutions, he added.

According to the World Bank Group, the Philanthropy Hub will serve as a central entry point for philanthropic organisations and other partners seeking to work with the institution. It will help identify where philanthropic funding, investment, knowledge and expertise can have the greatest development impact and support the expansion of successful research and pilot projects.

As part of the initiative, the World Bank Group signed memorandums of understanding with two major Asian philanthropic networks: the Asian Venture Philanthropy Network (AVPN) and Temasek Trust.

AVPN will use its regional network to connect philanthropic foundations, social investors and private-sector partners with World Bank Group initiatives. Temasek Trust will contribute its experience in mobilising philanthropic capital, bringing partners together and advancing innovative financing approaches.

The World Bank Group also announced a dedicated fund to finance technical assistance under its Health Works initiative, which aims to provide 1.5 billion people with access to quality, affordable healthcare.

The Philanthropy Hub will also seek to develop effective partnership models for the group’s priority initiatives in agriculture, health and water, including AgriConnect, Health Works and Water Forward.

Knowledge sharing and research will be another key focus. Several philanthropic, consulting and research organisations have joined its knowledge-partner network, including the Mo Ibrahim Foundation, Latimpacto, Boston Consulting Group, Bridgespan, Dalberg and the Marshall Institute at the London School of Economics.

The World Bank Group said philanthropy could play a broader role in development beyond providing grants, including through investment, specialised expertise, innovative financing mechanisms and the ability to bring diverse partners together.

Through the new platform, the institution aims to align these resources more closely with development priorities to deliver greater impact.

The World Bank Group operates in more than 100 countries, providing financing, policy advice and innovative solutions to reduce poverty, create jobs and promote sustainable economic growth.