In our line of work, we too often see the devastating consequences of development finance institutions evading responsibility for the negative impacts of their investments. And yet, data in a new report showing how frequently the International Finance Corporation (IFC), the private-sector lending arm of the World Bank Group, and its clients abandon investments when communities harmed by those investments demand accountability is especially alarming. At the same time that the IFC’s own policy commits “to ensuring that the costs of economic development do not fall disproportionately on those who are poor or vulnerable,” the institution cuts ties with projects after local communities are brave enough to raise issues. Now that this poor practice is unveiled, the IFC should change course and finally commit to responsibly exiting investments.
Read the full article in the website of Accountability Counsel.