Moody’s Investors Service gave the Asian Infrastructure Investment Bank its highest possible rating of Aaa, with a stable outlook, on June 29, because of “the strength of AIIB’s governance frameworks, including its policies on risk management, capital adequacy and liquidity”.
Tag: world bank
World Bank Financing Arm Under Fire Over Burmese Coal Mine Link
The World Bank’s private sector lending arm, the International Finance Corporation, which gives financial assistance to businesses that invest in the developing world, has come under criticism in a new report over its connection to a controversial coal mining operation in Tenasserim Division.
Environmental groups voice opposition to IFC dam workshops
Leading Burmese environmental groups, including Burma Rivers Network (BRN) and Save the Salween Network (SSN), today released a statement, voicing strong opposition to the International Finance Corporation (IFC), which they say is currently promoting various hydropower projects in areas that are primarily conflict zones.
Report reveals a big dependence on freshwater fish for global food security
Freshwater fish play a surprisingly crucial role in feeding some of the world’s most vulnerable people, according to a study published Monday (Oct. 24) in the Proceedings of the National Academy of Sciences.
“It was eye-opening just how many people are deeply dependent on freshwater fisheries as sources of protein,” says Pete McIntyre, a lead co-author of the study and professor of zoology in the Center for Limnology at the University of Wisconsin–Madison. “Many people in poor nations do not get much animal protein to eat, and freshwater fish provide protein for the nutritional equivalent of 158 million people around the world.”
WB helps build environment data centre in Mekong Delta
Experts from ministries and the World Bank discussed the contents of a project on building a databse serving climate change adaptation in the Mekong Delta region at a workshop in Hanoi on October 5.
Lending loopholes expose World Bank to indirectly financing ‘coal boom’ in Asia
The lending arm of the World Bank is providing loans to institutions that finance the development of coal-based power projects, according to a new report. The projects not only pose an environmental risk to the planet, locally they destroy homes and displace communities. The loans subvert strong warnings from the head of the World Bank that expanding coal in Asia is a dangerous proposition.
IFC and Private Sector Launch Working Group to Drive Change in Myanmar Hydropower Sector
IFC, a member of the World Bank Group, and the private sector launched the first working group for Myanmar’s hydropower sector. The Hydropower Developers’ Working Group (HDWG), first established in Lao PDR in late-2013, is the only platform exclusively for hydropower companies and industry-related professionals to influence policy and identify solutions to improve upon sustainability and business operations in Myanmar.
Over 100 stakeholders from Myanmar’s hydropower sector including companies, civil society organizations, financial institutions and government officials attended the working group’s first General Forum today in Yangon. The interim executive committee presented the working group’s agenda focusing on strengthening private sector relations with the government and highlighting the best practices and policies needed to develop projects sustainably. The committee comprises local and international hydropower companies and consultants operating in Myanmar.
World Bank to re-engage after five-year absence
The World Bank has approved $130 million in developmental aid aimed at reducing poverty in Cambodia, signalling its first direct re-engagement with the Kingdom since it left in protest in 2011 after one of the largest forceful evictions led by the government displaced more than 3,000 families.
The decision came last week when the World Bank’s executive directors voted on a new Country Engagement Note (CEN) that approved financing of four projects including infrastructure development, clean-water projects, agriculture production and access to health care.
World Bank safeguards review: “human rights-free zone”
The Bretton Woods Project As the third and final consultation phase on the second draft of the World Bank’s proposed new environmental and social framework (ESF), replacing the current safeguards, progresses, civil society organisations (CSOs), the UN and certain member states continue to demand that the Bank incorporates human rights in all its activities (see […]
Multilateral Development Banks and Safeguards
Independent evaluations at multilateral development banks (MDBs) have called for a reform of the system of safeguards that they use to deflect potential damages to communities and the environment associated with the investments they finance. Without such mitigation, roads can harm habitats, dams displace communities and slum rebuilding hurt livelihoods.