The Baku Tbilisi Ceyhan pipeline came under fire last month. A report by independent financial analysts found that returns would be “marginal” if everything goes according to plan. “But with considerable political risks involved,” said author Mark Mansley, “it could become a real headache for BP. Banks would be well advised to be cautious in their decisions on this”. Support from public institutions such as the International Finance Corporation has been delayed until September 2003. Meanwhile activists have filed complaints in 5 countries alleging that the project breaches the OECD’s Guidelines for Multinational Enterprises.
This briefing analyses the role of the Bank and Fund in the UN Financing for Development negotiations.
Donate to the Bretton Woods Project
The Bretton Woods Project is a UK-based NGO that challenges the World Bank and IMF and promotes alternative approaches. We serve as an information provider, watchdog, networker and advocate. Our flagship publications are the Bretton Woods Observer, a quarterly critical review of developments at the World Bank and IMF, and the Bretton Woods Bulletin, an online update of news and action on the institutions.
The Bretton Woods Project is an ActionAid hosted project (UK registered charity no. 274467).