The Inspection Panel has deferred a decision to investigate a complaint regarding environmental, social and economic damage related to a World Bank funded mining project in Mongolia.
An IFC investment in ANZ Royal Bank has been criticised after the bank was implicated in a “massive land grab” in Cambodia. Further cases from Guatemala and Honduras reinforce calls for IFC to rethink its investments in financial intermediaries.
Calls by the World Bank for hydropower to play a major role in efforts to strengthen resilience to climate change have been challenged by civil society organisations and recent research.
A World Bank report calling for closer collaboration between mining and energy companies in Africa is criticised for underplaying risks and neglecting more efficient energy options for the poor.
The Guatemalan government has agreed to pay around $155 million in reparations to local indigenous communities who suffered human rights abuses as a result of the construction of the World Bank funded Chixoy dam
World Bank faces increased competition over large scale infrastructure in Asia, with the Asian Infrastructure Investment Bank and the BRICS Bank.
The World Bank has confirmed its intention to develop a Global Infrastructure Facility, prioritising projects that have stalled due to size or complexity, while concerns continue over the Bank’s support for the Democratic Republic of Congo Inga dams.
In March the Bank approved funding related to the controversial Inga 3 dam project in the Democratic Republic of Congo, while an academic study finds large dams often are neither cost efficient nor carbon neutral.
The World Bank and IFC continue push for controversial hydropower, with projects in Guatemala, Democratic Republic of Congo, East Africa, Niger, Pakistan and Macedonia. The Bank warned on long term viability of hydropower, as Uruguay’s state hydro company agreed insurance with the Bank.
US legislature’s spending bill blocks IMF governance reform, insists the World Bank pay reparations to communities that suffer human rights abuses, and bans US support for large dams or extractive projects in tropical forests.