(September 25, 2009) In the wake of recent financial crisis, the World Bank called on the developed world to drastically increase lending to developing nations. Robert Zoellick and company say that countries in Africa and other parts of the developing world need this money to combat rising levels of poverty and an economic collapse.
Internal auditors in Kenya’s Ministry of Finance have discovered losses of about 131 million shillings ($1.8 million) from what the country’s Finance Minister Uhuru Kenyatta says “appears to be fraud and corruption” in two World Bank-funded programs.
(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.
(May 8, 2009) The World Bank’s International Development Association (IDA), which provides billions of dollars in long-term interest-free grants and loans to the world’s 78 poorest countries, is apparently not too concerned about the fraudulent or corrupt use of its loans.
(September 12, 2008) The Wall Street Journal’s Russel Gold and David Crawford look at the
(February 7, 2006) Beijing has expelled a Chinese-American woman sentenced to life in prison for credit fraud involving nearly US$26 million linked to the Three Gorges project.
(April 14, 2005) Haiti’s new debt was accrued largely under the father-and-son Duvalier regime; steeped in the blessings of the Cold War, they faced no questions when it came to raking in manifestly odious loans, writes Jubilee South.
(January 14, 2005) The World Bank has announced it would release $73 million in cash to the government of Haiti. For Haiti to get that cash it had to pay $52 million in outstanding arrears.
(January 2, 2004) The initial agreement between France and the young republic called on Haiti to pay the whole 150 million francs in five annual payments of 30 million gold francs. That proved impossible for Haiti.
(October 1, 2002) Scandal rages around alleged bribery in Lesotho, where the World Bank is financing Africa’s largest water project.
(December 17, 1999) Company funds spent on securities speculation, flood control money squandered on building a new hotel, billions stolen to set up a company and bogus stock listings are among the misdeeds uncovered by government auditors this year.
(May 24, 1999) TIME investigation the wealth of Indonesia’s Suharto and his children uncovers a $15 billion fortune in cash, property, art, jewelry and jets.
(November 25, 1995) For 5O years government guarantees have allowed the World Bank and its sister development banks to amass the world’s riskiest loan portfolios. Three months ago, the weakest of these sisters, the African Development Bank, was downgraded. And now for the first time, the World Bank admits that many of its own loans can’t be paid back.