In a three-year $100 million partnership, announced in mid March, the International Finance Corporation (IFC, the World Bank’s private sector arm) and Coca-Cola will work together with female entrepreneurs in Africa and other emerging markets. This partnership will occur under a memorandum of understanding between the IFC’s Banking on Women Program and Coca-Cola’s 5by20 initiative, which aims to bring five million women into the company’s supply chain by 2020. Initially the partnership will focus on Nigeria, with an IFC investment of $22 million in Access Bank to provide loans to “thousands of women who are part of the [Coca-Cola] supply and distribution chain.” Patience Ekeoba of NGO ActionAid Nigeria said: “A major concern with these kinds of projects is that they do not benefit the poorest of the poor”, particularly “women in rural areas or those in urban poor settings”.
22 April 2013
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.