In a pivotal address at the G20 Compact with Africa side event held in KwaZulu-Natal, South Africa, Ajay Banga, the President of the World Bank, painted a transformative picture of Africa’s potential to shape the future of the global economy. Against the backdrop of an evolving global landscape, Banga highlighted the continent’s vast resources and rapidly growing population as a beacon for economic opportunity, while outlining the critical challenges and strategic responses necessary for sustainable development. Banga began his remarks with a striking demographic projection: "By the middle of this century, 1 in every 4 people on earth will be African." He emphasized that Africa is poised to have the largest workforce in the world, notably characterized by its youth. With cities expected to be amongst the fastest growing globally, Africa stands as a central player in both population growth and economic development. This growth presents a unique opportunity, Banga suggested, with Africa possessing abundant land and water resources that could contribute significantly to feeding a growing global population. Moreover, the continent is rich in critical minerals essential for powering a sustainable future through technologies like electric vehicles and solar panels. However, he stressed that the potential would only be realized through investments that focus on opportunity rather than need, enabling Africa to potentially meet the world’s energy demands. In addressing challenges, Banga was candid about the looming workforce crisis. While the arrival of 1.2 billion young people into the workforce of developing economies over the next decade presents opportunities, the creation of only around 400 million jobs during this period could leave around 800 million young people unemployed. This scenario, he warned, could transform the vibrant energy of Africa's youth into despair, potentially fueling instability and migration. Banga underscored the role of the private sector as the primary engine for job creation, emphasizing that 90% of employment stems from private enterprise, predominantly small businesses. Supporting these businesses requires creating conducive conditions for growth, which cannot occur by chance. He pointed to the World Bank’s strategic approach that operates across a continuum combining public finance, expert knowledge, and private sector support. Central to this approach, he outlined, is public investment facilitated through entities like the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA), which finance essential infrastructure critical to economic growth. Complementing this, policy reform supported by the World Bank aims to improve regulatory environments, strengthen governance, and incentivize results-driven financing. Access to capital emerges as another pillar, with the International Finance Corporation (IFC) and Multilateral Investment Agency (MIA) equipped to provide catalytic financing tools. Banga identified five key sectors for investment focus: infrastructure, agribusiness, healthcare, tourism, and value-added manufacturing, citing their potential to cultivate middle-class growth without outsourcing jobs. Banga also highlighted innovative financial instruments such as a single window for guarantee products and increased local currency lending to support African markets and bolster capital inflow. His strategic vision included collaborative measures with partners like the African Development Bank and the IMF to expand market access and facilitate investment. Banga concluded by lauding the effectiveness of the Compact with Africa, an initiative led by Germany and South Africa, which has already facilitated crucial reforms across 13 African nations. As the initiative enters its second phase, Banga emphasized the importance of sustaining reform momentum, encouraging governments to create environments where businesses can thrive, thus securing the future for Africa’s burgeoning youth population. "When governments lead, institutions support, and capital flows, we can go further and faster," Banga stated eloquently, underscoring the World Bank’s commitment to fostering a concerted effort towards sustainable economic development across Africa.