Source: Common Dreams
by Jannis Perzlmeier
“Since assuming office, World Bank President Ajay Banga has pursued a clear agenda: mobilize vast amounts of private capital in service of the bank’s goal to end poverty on a livable planet. There are many valid criticisms of this approach, but none speaks louder than a deeper look into the World Bank’s own private sector arm, the International Finance Corporation, or IFC, and its dealings. Urgewald’s research on IFC trade finance in Financial Year (FY) 2022 and FY2023 shows just how slippery the private sector slope can be. Indeed, the IFC trade finance program’s alarming developments exemplify the World Bank’s overall trajectory: throwing good money after bad, neglecting environmental and social standards, and prioritizing private profit over public well-being. From FY2017 to 2023, the IFC trade finance portfolio saw a hefty 86% increase. In FY2023, trade finance amounted to 58% of the IFC’s total portfolio.” (02/27/25)
https://www.commondreams.org/opinion/world-bank-private-sector