NGOs have called on the Bank to investigate two mining contracts between the Democratic Republic of Congo’s (DRC) state mining company, Gecamines, and two British Virgin Island-based companies. Under the Bank’s supervision of the mining sector, both agreements were ratified without an international invitation to tender. UK-based NGO Rights and Accountability in Development and two Belgium-based NGOs are also asking for an investigation into the Bank’s programme for restructuring Gecamines. In the early 1990s Gecamines was the most lucrative source of state revenue in the DRC, but it has been stripped of its assets through a number of disadvantageous contracts.
World Bank & IMF in the news
This briefing explains how the IMF and World Bank have driven the financialisation of MENA states, and the pervasive negative effects this has had on the region’s societies and economies.
Joint civil society briefing paper highlights concerns with the World Bank’s Evolution Roadmap, and provides a series of recommendations for a Roadmap that prioritises people, participation and the planet over profit and economic growth.