In July the Bank’s new disclosure policy came into effect (see Update 68), but NGOs are warning that it fails to adequately cover ongoing processes and negotiations with governments. In August the Arab NGO Network for Development complained that in consulting on a new strategy for Lebanon, the Bank held only a single meeting with Bank-selected participants and failed to announce any consultation. In July, 52 South Asian civil society organisations complained about the performance standards review (see Update 72), saying the IFC’s consultations were “undermining the democratic processes, lacking transparency and failing to hear the communities hitherto affected by various IFC-funded projects.”
29 November 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.