Oxfam welcomes multi-billion dollar commitment to World Bank's fund for the poorest countries
The World Bank today announced $75 billion in funding through 2020 for the International Development Association, their fund for the poorest countries.
In response, Nick Galasso, interim head of Oxfam International's Washington office, said: “This is great and sorely needed news at a time when the world faces a sobering set of challenges. Tackling rising inequality, an unprecedented refugee crisis, and climate change requires a truly global effort, and we're pleased to see that the World Bank will have the resources needed to do their part.
“We are concerned with the proposed 'Private Sector Window,' an initiative to increase private sector investments into countries hit by poverty or conflict. As Oxfam and others have shown, the International Finance Corporation, the Bank's private sector lending arm, has poor record of protecting the communities they're supposed to be helping from the impacts of their clients' projects. We urge the Bank to significantly reform and ramp up their oversight and protections before a single dollar is invested.
“We're pleased to see a commitment to use IDA funds to further women's rights, improving access to maternal and reproductive health services and reducing the education gap between girls and boys. However, the Bank should do more to push for the elimination of health and education fees, which prevent women and girls in poor communities from getting the care and education they need.”