The World Bank’s private sector arm, the International Finance Corporation (IFC), announced in June that it will invest $124 million in Nigerian property development group Persianas, calling it a “high growth” sector, in order to construct at least four shopping malls in Nigeria. Project impacts expected by the IFC include the “improvement of food security”, as a result of the “rollout of modern food retailing as [a] planned anchor for every development”. Soren Ambrose of ActionAid International called this “laughable”: “a shopping mall will become an additional choice for the urban middle class. Supporting food security would require credit and other assistance for the small farmers, mostly women, who feed most Nigerians.”
11 October 2012
11 October 2012
Renewed calls for a substantial SDR allocation raise urgency of reforming the inequitable global reserve ‘non-system’.
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The Bretton Woods Project is a UK-based NGO that challenges the World Bank and IMF and promotes alternative approaches. We serve as an information provider, watchdog, networker and advocate. Our flagship publications are the Bretton Woods Observer, a quarterly critical review of developments at the World Bank and IMF, the Dispatch, a biannual analysis of the World Bank and IMF Spring and Annual Meetings, and the NewsLens, a bi-weekly roundup of key news and critical viewpoints published about the World Bank and IMF.
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