Arab Today, arab today oxfam assails world bank arm for rights violations
Last Updated : GMT 21:29:10
Arab Today, arab today
Arab Today, arab today

Oxfam assails World Bank arm for rights violations

Arab Today, arab today

Arab Today, arab today Oxfam assails World Bank arm for rights violations

World Bank Group's headquarters in Washington
Washington -AFP

The World Bank's private-sector finance unit supported development projects in numerous countries that involved grave violations of human rights, anti-poverty group Oxfam alleged in a new report Thursday.
Oxfam said the World Bank's International Finance Corporation has increasingly channelled its funds through other financial institutions, like local banks and private-equity funds, sacrificing close oversight of projects that have a harmful impact on impoverished populations.
The IFC "has little accountability for billions of dollars' worth of investments into banks, hedge funds and other financial intermediaries, resulting in projects that are causing human rights abuses around the world," Oxfam said.
Citing its own research as well as reports by the World Bank's internal watchdog, Oxfam said that the IFC has taken a "hands off" strategy to pumping $36 billion into poor countries via other private-sector financial intermediaries over the past four years.
- Risky loan model -
But Nicolas Mombrial, head of Oxfam International’s Washington office, said that the IFC does not know where much of its money under the new lending model goes and how it really impacts people in the field.
"We describe some shocking abuses in projects originally born of IFC investments to third parties across Asia, Africa and Latin America, including deaths, repression, landgrabs and violence," Mombrial said.
"Because public information from the IFC is so meager –- whether by design or ignorance –- we fear such projects are just the tip of the iceberg."
In one example documented by Oxfam and allied non-governmental organizations, IFC money went to a  Vietnamese company, Hoang Anh Gia Lai, that took land and community forests from peasants in Cambodia's Ratanakiri district to use for plantations and polluted local water resources.
The IFC backed the company by its $27 million investment in Vietnam-based investment group Dragon Capital Group, which in turn funded Hoang Anh Gia Lai.
In another case, the IFC provided $30 million in loans and equity to a company which finances infrastructure projects in Latin America, the Corporacion Interamericana para el Financiamiento de Infraestructura.
CIFI then financed a dam project in Guatemala of Spanish-controlled Hidro Santa Cruz which sparked strong opposition from local residents, escalating into violent confrontations, government mistreatment and ultimately, in 2012, an official state of emergency in the region.
Oxfam said it agreed that funding for the private sector by the IFC was important for development. But the IFC use of intermediaries was giving up the World Bank's key role of establishing social and environmental safeguards in projects.
"Even more worrying, because the IFC is increasing its exposure in fragile states by 50 percent, is the potential for calamitous results if done under this risky new model in its current form," Oxfam said.
In response, the IFC said via a spokesperson that it was reviewing Oxfam's allegations and the specific cases cited and "take its findings very seriously."
It said it remains committed to working through financial intermediaries "to reach more entrepreneurs and small businesses than we can on our own, to reach the 2.5 billion people and 200 million businesses that don't have access to finance."
However, it said, "We know that we can always do better. These cases show we must continually improve our approach to supervision."

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 oxfam assails world bank arm for rights violations Arab Today, arab today oxfam assails world bank arm for rights violations

 



Arab Today, arab today
Arab Today, arab today Reveals his participation in "Fashion Star" TV show

GMT 12:49 2017 Wednesday ,01 March

Reveals his participation in "Fashion Star" TV show
Arab Today, arab today Egyptair and Etihad Airways sign partnership

GMT 21:08 2017 Wednesday ,01 March

Egyptair and Etihad Airways sign partnership
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN report confirms war crimes were committed

GMT 20:43 2017 Wednesday ,01 March

UN report confirms war crimes were committed
Arab Today, arab today NUMP's conference to discuss proplems

GMT 13:40 2017 Wednesday ,01 March

NUMP's conference to discuss proplems
View News in Arabic - Business: قضايا ساخنة
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Parliament considers solutions to overpopulation

GMT 20:27 2017 Monday ,27 February

Parliament considers solutions to overpopulation
Arab Today, arab today Lasers flesh out dino-bird profile

GMT 12:24 2017 Wednesday ,01 March

Lasers flesh out dino-bird profile
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Final Phantom VII signals end of an era

GMT 14:31 2017 Tuesday ,28 February

Final Phantom VII signals end of an era
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 Najla Badr will participate in “30 Days” drama

GMT 06:23 2017 Monday ,27 February

Najla Badr will participate in “30 Days” drama
Arab Today, arab today Humans spark most US wildfires

GMT 14:58 2017 Tuesday ,28 February

Humans spark most US wildfires

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 07:54 2017 Wednesday ,01 March

Shanghai expands public smoking ban

GMT 10:08 2017 Tuesday ,28 February

As Olympics loom,China plunges into biz

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 06:27 2017 Wednesday ,01 March

GSMA: 5 billion mobile phone users in 2017

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook
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