Tag: Odious Debts

Inter-American Development Bank debt relief a smoke screen

(December 12, 2006) A move last month by the Inter-American Development Bank (IADB) to write off US$2.1-billion in debt owed to it by five Latin American countries helps the Bank bail itself out and bury its mistakes under a cloak of magnanimity, says odious debts expert, Patricia Adams.

World Bank sanctions Lahmeyer International for corrupt activities in bank-financed projects

(November 6, 2006) The World Bank has declared Lahmeyer International GmbH (Lahmeyer), a German company, ineligible to be awarded Bank-financed contracts for a period of seven years, because of corrupt activities in connection with the Lesotho Highlands Water Project (LHWP). The period of ineligibility may be reduced by four years if the Bank determines that Lahmeyer has met specific compliance conditions and fully cooperated with the Bank in disclosing past sanctionable misconduct.