Originally created to help the poor escape poverty and deprivation, the World Bank became the most important advocate for the commercialised microcredit model. Yet, critics argued it undermined the chances of sustainable and equitable development to create a poverty trap of historic proportions.
A new a new Enhanced Private Sector Program for the Scaling up Renewable Energy Program in Low Income Countries (SREP) is due to discussed. Cambodia’s investment plan has been approved. Social, environmental and financial risks related to a Nicaragua geothermal project were raised.
New edition of the Bretton Woods Project's biannual Climate Investment Funds (CIFs) Monitor, including an update on the Green Climate Fund, published to coincide with the World Bank-hosted CIFs trust fund committee meetings.
New edition of the Bretton Woods Project's biannual Climate Investment Fund (CIFs) Monitor, published to coincide with the World Bank-hosted CIFs trust fund committee meetings.
Concerns continues over slow progress in implementing the Scaling up Renewable Energy Program in Low Income Countries (SREP) investments plans and lack of funding for new pilot countries, as well as constraints on grant resources. The CIF strategic directions paper proposed an enhanced private sector programme for energy access. Questions on consideration of indigenous peoples were raised in relation to Liberia and Tanzania projects.
Concerns have been raised about the slow progress with the Scaling up Renewable Energy Program in Low Income Countries (SREP). Ghana, Haiti and Nicaragua's investment plans were approved, with questions asked about the loan/grant ratio, promotion of PPPs, and reliance on funding from the Green Climate Fund.
Indicative funding allocations have been agreed for 14 new Scaling up Renewable Energy Program in Low Income Countries pilot countries, however, cautions remained about “unrealistic expectations” about funding availability. Questions were raised about incentives for diesel in a Kenya project.
Fourteen new countries were accepted to the Scaling up Renewable Energy Program in Low Income Countries (SREP). Programme implementation continues to be slow, with expected co-financing often dropped.
Nicaragua complained in July that the IMF made "absurd demands" when it asked the government to eliminate all tax exemptions on non-profit entities.
Newly elected Nicaraguan president Daniel Ortega and his Sandinista party are presenting two different faces to the IMF.
The IMF has defended itself in response to a civil society campaign in Nicaragua
A new report shows that debt relief in Nicaragua is only partly going to poverty reduction.
Local government leaders in the Leon Norte area of Nicaragua have written to the World Bank to express their “deep concern about the development of the PRSP consultation in Nicaragua”
The IMF has approved Nicaragua’s plans to fight poverty despite criticisms from local leaders.
Nicaraguan civil society organisations (CSOs) fear Nicaragua will not qualify for the HIPC Debt Initiative before the population has suffered further.