The World Bank participated in events and showcased investments in water services at the World Water Forum held in France in March. However, critics from civil society accused the Bank’s private sector arm, the International Finance Corporation, of furthering corporate control of water (see Update 78, 77). “The World Bank and its corporate clients have sought for decades to remove water policy-making from transparent governmental spaces to business-oriented forums like the World Water Forum”, said US NGO Corporate Accountability. “By taking a profit stake in the fortunes of the private water industry, the Bank has allowed its mission of poverty alleviation to take a second seat to facilitating the profits of client corporations.”
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.
Donate to the Bretton Woods Project
Established in 1995, the Bretton Woods Project (BWP) is a civil society watchdog of the International Monetary Fund and World Bank. By monitoring the work of these institutions, supporting and connecting critical civil society communities, and advocating for transformational change, the Project challenges their power and fights for the development of policies that are gender transformative, equitable, environmentally sustainable and consistent with international human rights norms.