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Over the past six years, the International Finance Corporation has channelled over $50bn to the financial sector, and its long-term investments in financial intermediaries such as commercial banks and private equity funds have dramatically risen by 45 percent over that same period.
However, the evidence continues to grow that this private sector arm of the World Bank Group has little control over how a great deal of this money is spent. This lack of accountability is having devastating impacts on many poor communities.
The IFC must start taking more responsibility for these outcomes and ensure that its investments are benefitting, rather than harming people and the environment.