World Bank Opens Philanthropy Hub to Attract Charity Funding
By Patience Ikpeme
The World Bank Group has launched a new platform that will make it easier for charitable foundations and other partners to work with it on projects meant to improve lives in developing countries.
The platform, called the Philanthropy Hub, was unveiled at the first World Bank Group Philanthropy Forum, held during the Annual Meetings of the World Bank Group and the International Monetary Fund (IMF) in Bangkok, Thailand.
According to the Bank, the Hub is part of a wider push to help good ideas and small trial projects grow into large-scale solutions, and to move organisations away from isolated efforts towards joint action. It will serve as a single entry point into the World Bank Group, helping charities find the best places to put their money, solutions and knowledge. It will also help shape the future of charity-funded development through knowledge sharing, new partnerships and by getting funders to line up behind shared priorities.
The launch comes at a time when the need for development support is rising while public money is limited. The Bank said charities are playing a bigger part, offering not just grants but also investment funds, expert knowledge and the ability to bring different partners together. Their support is already showing results on the ground through programmes such as Mission 300, Health Works and Water Forward.
The Managing Director and Chief Knowledge Officer of the World Bank Group, Paschal Donohoe, explained why partnership matters.
“As development needs grow and resources come under pressure, partnership matters more than ever,” he said.
He added that charities bring skills and fresh ideas that fit well with the Bank’s main goals, including its focus on jobs. “Philanthropic organizations bring deep expertise and innovative solutions that align closely with our core missions and jobs agenda,” Mr Donohoe said.
He said the Hub will help take successful ideas to a much wider audience. “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 said.
The Forum was organised together with the Asian Venture Philanthropy Network (AVPN), the Institute of Philanthropy, the OECD’s netFWD network and the Philanthropy Asia Alliance by Temasek Trust. It drew more than 200 leaders from foundations, charity networks, family offices, development institutions and partner organisations.
Two leading charity networks in Asia signed agreements, known as Memoranda of Understanding, with the World Bank Group on the sidelines of the event.
Under the first, AVPN will use its wide network in the region to help foundations, social investors and private companies join hands in supporting World Bank Group programmes. AVPN also announced a special fund for Health Works, the Bank’s programme aimed at giving 1.5 billion people access to good and affordable health services. The fund will pay for technical assistance, which means expert advice and planning support needed to run such programmes well.
Under the second, Temasek Trust will draw on its experience in raising charity funds, bringing partners together and developing new ways of financing projects. This will help create partnership models that can be expanded, built around priority programmes such as AgriConnect, Health Works and Water Forward.
The Bank said knowledge is at the heart of the Hub. A growing network of Knowledge Partners will work to make sure research, data and practical experience lead to real results in the countries where the Bank operates.
The network includes organisations with strong regional presence, such as the Mo Ibrahim Foundation, Latimpacto, the Philanthropy Asia Alliance and the Centre for Asian Philanthropy and Society. It also has strategy and advisory firms, including Boston Consulting Group, Bridgespan, Dalberg and Coefficient Giving, as well as academic institutions such as the Marshall Institute at the London School of Economics and Indiana University’s Lilly Family School of Philanthropy.
For Nigeria and other developing countries, the Hub could open another route to funding and expertise for health, farming, water and job creation, provided the platform succeeds in matching available resources with workable projects.
