The progress report for G20 finance ministers (see Update 67) said that World Bank lending was projected to reach $100 billion annually by 2011. This compares to current annual overseas development assistance (ODA) from rich donors of $120 billion. Most of this increase would be through International Bank for Reconstruction and Development (IBRD) lending to middle-income countries. In fiscal year 2009 lending reached almost $60 billion, up from under $40 bilion in the previous year (see Update 66). Plans to increase the capital contributed to the IBRD, originally scheduled to be discussed at the annual meetings appear to have been pushed back to next spring as countries argue over the changes in voting shares that this will entail.
EarthRights International examines how the Jam v. IFC case has helped to shift the landscape of accountability for international financial institutions by successfully challenging their claim to “absolute” immunity in US courts, potentially opening IFC up to further legal challenges in future.
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