Oxfam today criticized the World Bank for ignoring most of the concrete recommendations in an external report commissioned by head James Wolfensohn to investigate whether its investments in the extractive industries actually reduced poverty.
'By largely ignoring the review’s recommendations, the Bank’s management
has ensured that the poverty pipeline will continue to flow,” said Keith Slack,
Oxfam’s Extractive Industries policy advisor.
The Extractive Industries Review (EIR), which cost several million dollars and three years to carry out, concluded that the World Bank has not proven that its financial support for projects in the oil, mining and gas sectors have led to direct poverty alleviation. The EIR made specific recommendations to change the way the World Bank operates including making sure that governance problems are addressed upfront prior to investing in extractive projects to reduce corruption and avoid human rights problems.
See full Press Release.
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