Send us Fan Mail World Bank Group President and former Mastercard CEO Ajay Banga joins Adam Goodman on a special edition of 13th and Park to confront one of the defining challenges of our time: over the next 10 to 15 years, 1.2 billion young people in emerging economies will reach working age, but only about 420 million new jobs are projected to exist for them. Banga lays out what that gap means for global stability, and why getting it right could make Africa for the next generation what Asia has been for the last 40 years. Getting it wrong, he warns, means social unrest and mass migration on a scale that will touch every corner of the world. Banga explains how the World Bank is rethinking its role as a bridge between public institutions and private capital. Drawing on his private sector career at Citibank, Nestlé, Pepsi, and Mastercard, he makes the case that governments enable but the private sector creates jobs, and that the only way to close the gap is to get private capital off the sidelines. He walks through the five barriers holding back investment in emerging markets, from regulatory uncertainty and currency risk to the absence of a proper asset class for pension funds, and describes how the Bank's Private Sector Lab, led by figures like Larry Fink of BlackRock, is working to clear each one. A concrete example: the World Bank's work with Rio Tinto in Argentina to unlock lithium mining, processing jobs, and the infrastructure needed to make it viable. The conversation turns personal as Banga reflects on growing up in India, where poverty was visible on every street corner, and what drew him to a role measured not by quarterly earnings but by how many people gain access to electricity, clean water, skilled work, and a fair shot. He shares the audacious targets he has set across electrification, agriculture, healthcare, and women's access to capital, and explains why he would still declare victory at 250 million people reached if the original goal was 300 and the baseline was 100. At the heart of his message is a simple conviction: a job is not just income. It is dignity. And dignity, he argues, is what made this country great and what the rest of the world deserves a chance at too. Chapters 0:00 Intro 1:11 Welcome and Ajay's Global Travel 1:46 The 1.2 Billion Jobs Gap 2:30 Africa's Demographic Opportunity 3:16 World Bank's History and Legacy 3:39 Rio Tinto and Lithium in Argentina 5:13 Five Barriers Blocking Private Capital 6:55 Making the Investment Pitch 8:34 Infrastructure and Governance as Pillars 9:57 Governments Enable, Private Sector Creates Jobs 12:06 Small Business and the Middle Class 13:28 Human Dimensions of the Work 14:06 Growing Up in India, Finding Purpose 16:11 Ukraine, Gaza, and Conflict Zones 18:03 Assessing and Mitigating Risk 20:01 How to Get Involved and Invest 22:41 Electrifying Africa 24:19 Jobs, Dignity, and the World's Bottom Line 25:32 Closing Thoughts Follow Us! X: https://x.com/13thandPark IG: https://www.instagram.com/13th_and_park/ LinkedIn: https://www.linkedin.com/company/13thandpark TikTok: https://www.tiktok.com/@13th_and_park Follow Ajay Banga Website: https://www.worldbank.org/ext/en/who-we-are/leadership/ajay-banga #worldbank #ajaybanga #emergingmarkets #globaldevelopment #privatecapital #africa #jobscreation #infrastructure #mastercard #geopolitics #lithium #financepodcast #13thandpark #ballardpartners #economicgrowth #sustainability #foreigninvestment #leadership