For the second time this year, an internal auditor has criticised the World Bank’s private sector investment agency over dealings in Honduras, and is warning that similar problems are likely being experienced elsewhere.
The world’s first hospital to be built and run in a developing country under a public-private partnership is taking up more than half of the health budget in Lesotho, according to new estimates, diverting resources from populations outside of the capital.
Watchdog groups here are warning that a deal has been struck that would see Chinese investors fund a massive, contentious dam on the Congo River, the first phase of a project that could eventually be the largest hydroelectric project in the world.
In an unusual statement, the World Bank’s private-sector arm has threatened to cancel a controversial investment in a Honduran palm oil company that has been implicated in serious human rights abuses, including numerous killings, over the past five years.
Campaigners are seizing on a new internal audit of financial-market lending by the International Finance Corporation (IFC), the World Bank arm that engages in private sector investment, pointing to unusually stark criticism of the institution’s commitment to due diligence.
The International Finance Corporation (IFC), the World Bank Group arm that focuses on the private sector, announced Wednesday that it would be backing a new microfinance institution in Myanmar aimed at reaching 200,000 people by 2020.