Speaking at the China Development Forum in Beijing on Sunday, Banga said the data being released includes private sector default data broken down by credit rating and sovereign default and recovery rate statistics dating back to 1985. He said the data is necessary to create trust for private investors looking to invest in developing countries.

World Bank statistics show that economic growth has slowed in developing countries, with growth falling from 6% to 4% over two decades, adding that each lost percentage point dragged 100 million people into poverty.

Banga noted that developing countries also faced an ‘unimaginable’ gap between 1.1 billion young people expecting to enter the workforce in the next decade while creation of just 325 million jobs is predicted. Therefore, the private sector plays an extremely important role, said Banga.

“Even with governments, even with multilateral institutions, and philanthropies all working together, we are still going to fall very far short. We need the scale, the resources, and the ingenuity of the private sector,” said Banga.

According to the WB, last year it mobilized 41 billion USD of private capital for emerging markets and raised another 42 billion USD from the private sector for issuing bonds, with both totals expected to be eclipsed this year.