Reviewing a report published by the International Consortium of Investigative Journalists.
The investigation’s key findings include:
Over the last decade, projects funded by the World Bank have physically or economically displaced an estimated 3.4 million people, forcing them from their homes, taking their land or damaging their livelihoods.
The World Bank has regularly failed to live up to its own policies for protecting people harmed by projects it finances.
The World Bank and its private-sector lending arm, the International Finance Corp., have financed governments and companies accused of human rights violations such as rape, murder and torture. In some cases the lenders have continued to bankroll these borrowers after evidence of abuses emerged.
Ethiopian authorities diverted millions of dollars from a World Bank-supported project to fund a violent campaign of mass evictions, according to former officials who carried out the forced resettlement program.
From 2009 to 2013, World Bank Group lenders pumped $50 billion into projects graded the highest risk for “irreversible or unprecedented” social or environmental impacts — more than twice as much as the previous five-year span.
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The report clashes with our vision of a benevolent World Bank implementing Western values. We need to look at structured borrowing to developing countries and see where the World Bank is going wrong. Debt has become an insurmountable reality of the modern economy. You may be looking at the accumulated debt of the US, the large credit of China or the leverage western countries hold of developing nations. It seems that interstate economic balance is maintained through public and private debt.