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Patients living in poverty in the Global South are being bankrupted by private healthcare corporations backed by multi-million-dollar investments from development finance institutions (DFIs) run by the UK, French, German and other rich country governments. DFIs like the World Bank’s International Finance Corporation (IFC) and the European Investment Bank (EIB) invest public funds via the private sector to help foster economic development in the Global South and tackle poverty. However, Oxfam published two investigations on DFI funding into private hospital chains and other for-profit healthcare corporations operating in low- and middle-income countries and found cases of them.   

“People have become complacent about COVID-19. Our global (health) funds are fast running out of money. Vaccine inequity is getting worse,” said former UK prime minister Gordon Brown today. 

International development organizations Oxfam, Plan, Eurodad and Concern Worldwide called today on EU leaders, meeting tomorrow for the first time to examine Europe’s role as a global power, to shift gear in their response to Pakistan.

Meeting today in Brussels, European Finance Ministers failed to take bold action against tax evasion and avoidance, leaving a great deal still to be achieved at next week’s EU leaders’ summ

Today the European Parliament’s Environment Committee voted in favor of tightening the cap on biofuels competing with food production for land and other precious resources, such as water.

Today, EU Development Ministers meeting at the Foreign Affairs Council approved conclusions on social protection in development cooperation.

In 2011, following decades of isolation, Myanmar embarked on an unprecedented reform process, raising hopes for a new democracy.

A one-off 99 percent levy on billionaires’ wealth gains during the pandemic could pay for everyone on Earth to be vaccinated against COVID-19 and provide a $20,000 cash grant to all unemployed workers, according to new analysis released today by Oxfam, the Fight Inequality Alliance, the Institute for Policy Studies and the Patriotic Millionaires.

Today, the European Commission released their Fit for 55 legislative package. This bundle aims to revise the EU’s current 2030 climate and energy rules. The package will implement the goal of reducing average EU carbon emissions by 55% in 2030. In response to the package, Evelien van Roemburg, Oxfam EU Head of Office said: “We are at a tipping point in the fight against the climate crisis. The EU has the opportunity to keep us from tipping over the edge by capping the rampant increase in global temperatures to 1.5° Celsius."

More money for Development is always welcome especially as there are strong needs for investment in infrastructure. The new Asian Infrastructure Investment Bank must put fighting poverty and inequality at the heart of its mission.