This page links to information concerning a number of projects on which we have worked, in solidarity with local communities. In some cases, the projects rely on World Bank funding. In others they involve Canadian companies that may be seeking, or have secured, financial support from Export Development Canada (EDC). Sometimes they involve both. Regardless of the source of funding, in all cases, communities have contacted us because they are concerned about the significant adverse environmental, social and human rights impacts of the projects.
Multilateral Investment Guarantee Agency
Oyu Tolgoi is an enormous copper and gold deposit in Mongolia. The project is jointly owned by Canadian company Turquoise Hill Resources and a state owned enterprise. According to the International Finance Corporation (IFC), estimated project cost is $12 billion. Project proponents seek financing from Export Development Canada, the IFC, the European Bank for Reconstruction and Development and the Multilateral Investment Guarantee Agency, among others. In this document, CSOs argue that the project does not comply with the IFC Performance Standards and provide a series of recommendations.
This month we examine 'odious investment' - Mongolia Undermined; (Mis)Investment in Agriculture; More than Bricks and Mortar; and the Canada Pension Plan Investment Board.
Victims of Kilwa Massacre Seek Justice in Canada
Congolese nationals have launched a class action law suit in a Montreal court against Canadian mining company, Anvil Mining. At least 73 civilians were killed in 2004 when the Congolese Armed Forces attacked residents in the town of Kilwa. A UN investigation revealed that planes, vehicles, personnel and food controlled by Anvil Mining were used by the army during the attack (see IU Oct. 31, 2008).
This book provides an introduction to a wide range of issues on the World Bank and IMF, including on the institutions
IMF back in business, but still politically bankrupt
Even before US President George Bush announced plans for next month’s G-20 Summit on the financial crisis (see “Just the Facts”), International Monetary Fund (IMF) Managing Director Strauss Khan has been pushing for the IMF to be front and center in addressing the crisis. In a complete about-face from one year ago, Strauss Khan now sees the IMF not just fighting fires through new flexible emergency loan arrangements to address food, fuel and finance crises, but as a “global regulatory coordinator” or world central bank.
Déja vu on preferred options for Bank governance reform
Despite internal and external criticism about the superficial nature of governance reforms recently concluded at the IMF (see IU April and June 2008), the World Bank looks set to follow suit at the October Annual meetings with a series of disappointing proposals for increasing the voice of developing and transition countries (DTC) at the Bank.