Around the globe, people’s access to water is being threatened every day by one of the most powerful institutions on the globe—the World Bank. Under the guise of development, the World Bank and its investment arm, the International Finance Corporation, invest hundreds of millions in water privatization schemes that reduce access to water, increase costs and have a devastating impact on people. What’s worse is that the IFC often positions itself to profit from these projects, creating an irreconcilable conflict of interest.
But one congresswoman just took a stand against this threat that could mean the beginning of the end of the World Bank’s harmful water-for-profit pursuits. In a letter, Representative Gwen Moore (D-WI) demanded the World Bank cease all promotion and financing of these projects pending an external review and congressional hearings on conflicts of interest. Because Moore is the ranking member of a subcommittee with direct World Bank oversight, it has no choice but to listen.
Posted on April 26, 2016 by Boulderdash