The ongoing rehabilitation of the Inga dams in the Democratic Republic of the Congo, which receives financial assistance from the World Bank, will be delayed for three years. The Bank’s specialist says, “It was supposed to be completed by 2013 so now the World Bank is going to its board to request an extension and additional finance.” The delay is a result of poor background studies, implementation problems and the impacts of the global financial crisis, the Bank has acknowledged. This leaves greater doubts about the soundness of the plans for the controversial Grand Inga dam (see Update 67).
23 February 2010
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.