The IFC is considering a US$20 million funding proposal for a polyvinyl chloride (PVC) plant in an industrial estate in Cuddalore, Tamil Nadu. Corporate Watch charges that “the process has been marred by irregularities, behind-the-scenes dealings and a lack of transparency. Local communities already suffer health problems and PVC is a known carcinogen”. Villagers have succeeded in getting the loan decision delayed but the IFC says it still wants to fund the project as PVC pipes are a priority for developing India’s water infrastructure.
In prioritising capital market expansion, the needs of the lowest income groups are not being effectively addressed through World Bank interventions.
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