World Bank President Robert Zoellick is urging the Democratic Republic of Congo to pursue better governance as a way to entice more companies to build dams in the country. In his sights are the rehabilitation of the notoriously dysfunctional Inga 1 and 2 dams. But it’s projects like these that will create more odious debts for the country’s citizens.
Obama’s plan to override Congressional conditions for US funding of World Bank is overwhelmingly rejected by lawmakers
(July 17, 2009) President Obama recently received a harsh lesson from Congress after he decided to openly ignore some of the environmental, labour and transparency regulations attached to funds allocated for the World Bank and IMF. Worse still for the President, the indictment came from both sides of the aisle—with 429-2 voting to negate the recent signing statement.
(July 6, 2009) According to The World Bank, it is, “a vital source of financial and technical assistance to developing countries around the world.
(June 19, 2009). As the World Bank and the IMF drastically increase lending to countries in the developing world, local politicians are beginning to question the loans. The Conference of Nigeria Political Parties (CNNP) recently expressed outrage over the ruling People’s Democratic Party plan to obtain a $1-billion loan from the World Bank.
(June 15, 2009) As the economic crisis continues to work its way through the global economic system, the World Bank is using the slowdown as an opportunity to increase lending to the developing world. According to the bank’s president, Robert Zoellick, the bank will increase its lending by $100 billion over the next three years. In 2009 alone, the bank plans to triple its lending from $13.5-billion to $35-billion.
World Bank lending programme suffers from “material weaknesses” in responding to fraud and corruption
(April 23, 2009) A report on the internal controls of the World Bank’s US $40 billion International Development Association (IDA) has found the current procedures for identifying and preventing fraudulent or corrupt use of aid money to be woefully inadequate. The report is the first of its kind to be done by any international development finance institution.
(March 2, 2009) The Philippines’ top graft-buster on Monday defied mounting calls for her resignation for failing to act over a multimillion dollar corruption involving a World Bank-funded road project.
(January 14, 2009) The cooked books at Satyam rocked India’s internationally-praised IT industry. But the problems at Satyam have also made their way onto the shores of World Bank – causing the agency to bar the company from bidding on projects for eight years.
(November 20, 2008) Letter Sent to Bank President Questions Failure to Sanction Misconduct (Washington, D.C) – In the wake of recent news reports demonstrating serious breaches of the World Bank’s information security system, the Government Accountability Project (GAP) has sent a letter to Bank President Robert Zoellick requesting an accounting of steps taken to address the issue.
(August 7, 2008) The World Bank convened the roundtable in response to feedback from civil society groups (CSOs) to its September 2007 discussion paper, “Odious Debt: Some Considerations.”
(July 31, 2008) The World Bank is a leading financier and political promoter of Brazil’s campaign for sugar cane based ethanol. Currently, the Bank’s private sector arm, International Finance Corporation, is lending about US$200 million for three ethanol projects in Sao Paulo state.
(July 31, 2008) The World Bank’s private sector arm, International Finance Corporation, is providing Brazil’s cattle industry with US$9 million to expand their slaughterhouse operations in the southern Amazon, depite an environmental study showing the expansion would lead to the loss of up to 300,000 hectares of forest.
(July 22, 2008) An internal World Bank evaluation of the lending giant’s environmental record gave the Bank a low rating for follow-through, the International Herald Tribune reports.
(April 1, 2008) The recently proposed climate investment funds to be administered by the World Bank are under heavy fire for proposing a governance structure that replicates the inequities of the Bank’s board, undermines the UN framework convention on climate change (UNFCCC) and fails to clarify whether money to these funds would be additional to G8 commitments on overseas development aid. Meanwhile World Bank’s support for coal-fired power generation is on the increase.
(March 26, 2008) World Bank funding has been called out as a large contributor to Kenya’s ‘culture of corruption’ in the wake of last year’s presidential election crisis.