This Inside the Institutions explores the International Finance Corporation (IFC), the World Bank Group’s private sector arm. It examines the function of the IFC as a development institution focused solely on private sector solutions to development and considers civil society critiques.
India
Accountability
News
Another day, another IFC scandal
A Telegraph exposé unveils how a private hospital group in India which received £120 million in IFC investment since 2005 was running an illegal organ trading scheme, adding to a growing number of IFC-funded scandals.
Environment
Analysis
Gambling with the planet’s future? World Bank Development Policy Finance, ‘green’ conditionality, and the push for a private-led energy transition
BWP's review of energy sector conditionality in World Bank Development Policy Financing from fiscal years 2018 to 2023 reveals the Bank has followed a pattern of promoting neoliberal reforms in many countries' energy sectors, with climate action increasingly being viewed as the rationale for these changes.
Accountability
News
UDHR and IPN anniversaries underscore urgent need for Human Rights policy at all IFIs
World Bank and IMF shareholders must use the anniversaries of the Inspection Panel and the Universal Declaration of Human Rights respectively to demand both establish human rights policies and meet their international obligation to provide remedy
Land
Analysis
World Bank and IMF’s response to global food crisis misses mark, as financial speculation drives food prices to historic highs
Action plan launched by Bretton Woods Institutions and other IFIs ignores role of corporatisation of agriculture in contributing to current crisis.
Accountability
Analysis
Ending “absolute immunity” for the International Finance Corporation: The legacy of Jam v. IFC
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.
IFI governance
Analysis
IMFC communiqué analysis – Spring Meetings 2021
Analysis of the IMFC communiqué published on 8 April from the 2021 World Bank and IMF virtual Spring Meetings.
Finance
Analysis
G20 communiqué analysis – Spring Meetings 2021
Analysis of the G20 communiqué published on 7 April from the 2021 World Bank and IMF virtual Spring Meetings.
Other news
IFI governance
Background
When exits and accountability collide: What happens when IFC exits projects mid-accountability process?
Notes from Civil Society Policy Forum on Thursday, 18 April titled, "When exits & accountability collide: What happens when IFC exits projects mid-accountability process?"
Social services
News
Malpass makes World Bank a pariah with opposition to TRIPS waiver
World Bank President comes out against temporarily waiving intellectual property rights on Covid-19 vaccines
Private Sector
News
B-Ready for more ill-founded private-sector solutions
The World Bank released a concept note of Doing Business report replacement, B-Ready project, ignoring civil society demands of an independent evaluation.
Social services
News
Civil society hails IFC’s divestment from for-profit education provider Bridge International Academies
The divestment follows a 2020 freeze in new IFC direct and indirect investments in for-profit education providers.
Social services
News
Global Day of Action against the IMF and World Bank rejects corporate recovery agenda
Civil society day of action rejects corporate agenda and greenwashing in World Bank and IMF Covid-19 recovery.
Environment
Background
Why climate transition risks are macro-critical: The IMF and enabling a green recovery
Notes from the virtual Civil Society Policy Forum event on 30 March.
Accountability
News
Struggle for IFC accountability for Tata Mundra continues despite landmark immunity ruling
IFC continues to avoid responsibility for its investments in Tata Mundra coal power plant as US federal court rules that harmful acts took place outside the United States.
Rights
News
IFC announces changes to environmental and social framework after loss of immunity in the US
IFC announces changes to environment and social safeguards after historic United States Supreme Court ruling.