Over half of companies breaching World Bank guidelines on fraud and corruption are British. The list of firms “ineligible to be awarded a World Bank-financed contract because they were found to have violated the fraud and corruption provisions of the Procurement Guidelines or the Consultants Guidelines” contains 54 companies – 36 UK-based. The findings process permitted accused firms and individuals to respond to the allegations. Projects found to involve bribery or misrepresentation include a telecoms project in Turkmenistan.
World Bank & IMF in the news
Despite the World Bank’s commitment to move away from funding coal, a series of loopholes in its financial intermediary lending remain that will continue to allow finance to support coal power projects.