World Bank

The World Bank’s International Finance Corporation (IFC) has quietly divested from New Globe Schools, better known as Bridge International Academies (BIA), a for-profit school chain operating in four African countries and India. The IFC has invested $13.5 million in BIA since 2014, with the intention of supporting the company’s expansion to other countries.

“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. 

A coalition of organizations has published a new database today revealing $38.2 billion worth of investment and financial relationships that involve 318 financial intermediary clients of Dutch development bank FMO and the World Bank’s private lending arm, the IFC. 

In response to the World Bank Group today issuing a statement announcing the discontinuation of its Doing Business report, Nadia Daar, Head of Oxfam International’s Washington DC Office, said: “It's a welcome move and about time the World Bank scrapped its Doing Business report, a global competitiveness index that encouraged governments to adopt destructive policies that worsen inequality, like slashing labor regulations and corporate taxes."

Given the tremendous financing needs, Oxfam supports a strong IDA20 replenishment. We are calling for a robust policy package that is appropriately ambitious for the next three years, aimed at propelling IDA countries forward towards a just economy after COVID-19 that is more equal and inclusive.

Rich countries must open the way to cheaper mass-produced COVID-19 vaccines in order to protect every person in the world and avert a $9 trillion “worst case” global economic catastrophe, said Oxfam today. They should also agree this week to inject $650 billion more into the global economy to help developing countries cope with the pandemic’s already devasting effects.

Nadia Daar, Head of Oxfam International's Washington DC office, responds to the World Bank’s announcement today that it has appointed Mr. Makhtar Diop as the new CEO of its private sector arm, the International Finance Corporation (IFC).

Oxfam analysed the World Bank’s emergency health funding to 71 countries in response to the COVID-19 pandemic. While its response has been rapid and significant, Oxfam finds that the World Bank has missed vital opportunities to strengthen public health systems so they can tackle COVID-19 and deliver health for all in the future. 

"The failure to cancel debt payments will only delay the tsunami of debt that will engulf many of the world’s poorest countries, leaving them unable to afford the investment in healthcare and social safety nets so desperately needed", said Jaime Atienza, Oxfam International's Debt Policy Lead, in reaction to the G20 Finance Ministers and Central Bank Governors Meeting.

84 percent of the International Monetary Fund’s (IMF) COVID-19 loans encourage, and in some cases require, poor countries hard hit by the economic fallout from the pandemic to adopt more tough austerity measures in the aftermath of the health crisis, warned Oxfam today.