Arab Today, arab today world bank probes internal handling of chinese loan
Last Updated : GMT 05:34:24
Arab Today, arab today
Arab Today, arab today

World Bank probes internal handling of Chinese loan

Arab Today, arab today

Arab Today, arab today World Bank probes internal handling of Chinese loan

World Bank Group President Jim Yong Kim
Washington - AFP

The World Bank is investigating the handling of a $1 billion loan from China to help fund poor countries, sources familiar with the matter told AFP Wednesday.
The global development lender was quick to stress that the probe did not implicate Beijing, which increasingly is an important force in the bank's activities.
But the probe will examine how key bank units, including the International Development Association and International Finance Corporation, created an unusual structure to accomodate the Chinese loan.
World Bank President Jim Yong Kim confirmed the probe in an internal message to staff Tuesday that was obtained by AFP.
He noted that some staff "have raised concerns over the handling of transactions related to a concessional loan."
"Management took these concerns seriously and promptly retained an outside law firm with expertise in conducting internal reviews, to ensure a careful and impartial fact finding," he wrote.
Kim stressed that the review is looking at internal processes and policy compliance, with "no suggestion" of staff misconduct.
"The concerns expressed also did not question the intentions of any donors that provided concessional loans," he added.
The probe, to be conducted by the Locke Lord Edwards law firm, will come on top of months of turmoil within the bank over the reforms Kim has introduced since becoming president in July 2012.
The bank's treasurer, Madelyn Antoncic, first raised questions in December over the handling of China's decision in 2013 to loan $1 billion to the IDA, the bank's funding arm for the poorest countries.
Because China's government did not have a formal mechanism for granting interest-free loans to an institution like the World Bank, Beijing added a $300 million grant, of which $179 million was to cover the interest payments for the loan.
The bank then created a structure for the IDA to service the loan: it combined the Chinese funds and bought a $1.179 billion bond issued by the IFC, which is the bank's arm to finance private sector development activities.
The probe into the handling of the Chinese loan comes on top of tensions created in the bank by Kim's restructuring, which has included cutting staff and the departure of a number of top aides to his predecessor.
It also highlights top bank personalities previously at odds: treasurer Antoncic and chief financial officer Bertrand Badre, who, according to a bank source, approved the unusual arrangement for the Chinese loan.
Last year revelations that Badre had both a huge salary and bonus sparked widespread criticism by bank staff, and eventually he did not accept part of the bonus.
Badre's office did not immediately respond to AFP inquiries on the issue.
A bank spokesman said that the institution's "commitment to financial integrity is paramount, and we work to diligently safeguard the resources entrusted to us by our shareholders."

 

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today world bank probes internal handling of chinese loan Arab Today, arab today world bank probes internal handling of chinese loan

 



Arab Today, arab today
Arab Today, arab today Ideen Belmahdy happy to be part of “ Fashion Star”

GMT 17:00 2017 Sunday ,26 February

Ideen Belmahdy happy to be part of “ Fashion Star”
Arab Today, arab today 17.4m tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4m tourists visit UAE in 2016
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Ola Ghanem hopes to work with M.Ramadan

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 13:47 2017 Friday ,24 February

Rabia Fatima reveals role of "Facebook" in her career

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday