The World Bank’s private sector arm, the International Finance Corporation (IFC), in June approved a $45 million loan to help Glamis Gold Ltd. develop a gold mine in western Guatemala. The mine is currently under construction and is expected to start production in 2006. The IFC said it will also help plan and implement the environmental and social programmes for the mine by working with the company, non-governmental groups and community leaders. Campaigners say that Glamis Gold has a “dismal record” on community rights.
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Last year BRICS' leaders agreed to launch a BRICS development bank. Whether this is considered positive depends in part what questions are being asked. Sameer Dossani of ActionAid International highlights the flaws in the World Bank and IMF, analyses whether a BRICS Bank could be different from these institutions and proposes what it should do and what it should look like.
The Bretton Woods Project is an ActionAid hosted project (UK registered charity no. 274467).