While India is pushing for the World Bank’s Global Infrastructure Facility, the US voted against IFC support for a Saudi Arabian corporation linked to coal power and an Inspection Panel case was registered for a Nepal power transmission project. Concerns were also raised on infrastructure projects in India, Nepal and Burma.
Indigenous peoples have been evicted from their forests by a conservation project in Kenya funded by the World Bank. The Bank is currently drafting a new forests action plan.
The Bretton Woods Project review of the most important developments at the World Bank and IMF in 2013.
Amidst new complaints on the failure of the investments of the IFC’s financial sector clients to meet the IFC performance standards, including a controversial dam in Honduras, civil society organisations have rejected the IFC’s proposed action plan as unacceptable.
While the World Bank's leadership is further embracing private equity funds, the IFC's investment in financial intermediaries is again hitting the headlines over allegations of 'land grabs' in South East Asia and lack of respect for indigenous people's rights in Honduras.
The World Bank, in conjunction with the G20, is reinvigorating its infrastructure focus, paying particular attention to leveraging resources from the private sector and investing in fragile and conflict affected states. It announced a return to big hydropower projects, despite continued concerns about projects in the Democratic Republic of Congo, Guatemala and Uganda.
In April World Bank president Jim Yong Kim said that the Bank shares the concerns "about the risks associated with large-scale land acquisitions" and that "additional efforts must be made to build capacity and safeguards related to land rights".
Ethiopia has said that it will not cooperate in a proposed investigation by the World Bank's accountability mechanism, the Inspection Panel (IP), into a programme linked to the Bank that according to the indigenous peoples filing the complaint led to "forced villagisation".
The Climate Investment Funds (CIFs) are financing instruments designed to pilot low-carbon and climate-resilient development through the multilateral development banks (MDBs). They are comprised of two trust funds - the Clean Technology Fund (CTF) and the Strategic Climate Fund (SCF).
The World Bank board's Committee on Development Effectiveness responded in early February to a December evaluation of its forest strategy by the Bank's Independent Evaluation Group (IEG), by accepting some recommendations but "disagree[ing] with the IEG's recommendation regarding timber concession reform in tropical moist forest countries."
The sovereign debt crises threatening states in the Global South are less about fiscal mismanagement and more about monetary power in the global currency hierarchy.
