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7 Nov 2016

Inclusive Development International

Full report: Introduction

"Outsourcing Development: Lifting the Veil on the World Bank Group’s Lending Through Financial Intermediaries - Introduction," Oct 2016

...Between 2011 and 2015, the IFC provided $40 billion to commercial banks, private equity funds and insurance firms, which invested the money as they saw fit, with little apparent oversight...Observers have warned for years of the dangers of this hands-off approach to development…Despite this pressure, the IFC has mostly refused to disclose the end-use recipients of its financial-sector investments…citing banking and privacy laws. Because of this lack of transparency, the full extent of the problem was not known...However, it is possible…to follow the trail of money…Inclusive Development International…spent months doing just that. The investigation tackled only a small portion of the IFC’s…portfolio. Yet the results were shocking. The IFC is funneling billions of dollars into some of most harmful companies and projects in the world…In many instances, these sub-projects…have forcibly evicted and economically displaced tens of thousands of people. They have contributed to climate change…They have engaged in combat and child labor. And activists who have dared to resist them have been jailed…

[Also refers to CDC, Essar, European Investment Bank, FMO, and Indian Oil Corporation.]