International Finance Corporation
“This is great and sorely needed news at a time when the world faces a sobering set of challenges," said Nick Galasso, interim head of Oxfam International's Washington office.
Oxfam's verdict on the World Bank and International Monetary Fund Annual Meetings.
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.
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.
Fifty one of the 68 companies that were lent money by the World Bank’s private lending arm in 2015 to finance investments in sub-Saharan Africa use tax havens, Oxfam revealed today.
Oxfam reacted to the World Bank's appointment of Philippe Le Houérou as CEO of their private sector arm, the International Finance Corporation.
Increasingly, development money is being channelled through third parties such as banks or private equity funds. This report tells the human story behind the high finance and statistics.
A billion-dollar flagship scheme to support private sector-led health care in Africa is bypassing poor people and concentrating instead on high-end urban hospitals catering mainly for the rich.
The Health in Africa initiative of the International Finance Corporation, which promotes private sector healthcare delivery, is extremely unlikely to deliver better health outcomes for poor people.