Over the past six years, the International Finance Corporation has channelled over $50bn to the financial sector. 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.
Oxfam welcomes the World Bank’s call that UK-based New Forests Company (NFC) must open up to a full investigation into claims of bad practice in its Uganda forestry projects.
'In terms of a plan to reduce extreme income inequality, we are left empty handed. There has been a lot of talk and a raw sketch of plan of action in the communique, but it’s just a drop in the bucket.”
The International Finance Corporation, the World Bank’s private lending arm, has little-to-no control over how around 90 percent of its investments into commercial banks and other financial institutions are used.
An internal investigation has revealed that the World Bank has invested in a palm oil and food company implicated in serious rights abuses in Honduras.
