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The Panel process begins when it receives a request for inspection from a party of two or more Requesters, claiming that the Bank has violated its policies and procedures. Most requests concern some of the Bank's safeguard policies, such as the policies on environmental assessment, involuntary resettlement, or indigenous people.
The World Bank has regularly failed to live up to its own policies for protecting people harmed by projects it finances. The World Bank and its private-sector lending arm, the International Finance Corp., have financed governments and companies accused of human rights violations such as rape, murder and torture.
In international law, a development safeguard or simply safeguard is a restraint on economic development to protect communities from development aggression. [1] [2] [3]In the United Nations Framework Convention on Climate Change (UNFCCC), safeguards are intended to protect indigenous peoples and other local communities with traditional knowledge of natural resource management within efforts ...
The World Bank has admitted “shortcomings” in its protections for people displaced by projects the bank supports. It says it is working to improve its policies and how it enforces them. The bank also says protecting people in the way of big projects is a “cornerstone” of its efforts to “end extreme poverty and promote shared ...
The term "World Bank" generally refers to just the IBRD and IDA, whereas the term "World Bank Group" or "WBG" is used to refer to all five institutions collectively. [ 17 ] The World Bank Institute is the capacity development branch of the World Bank, providing learning and other capacity-building programs to member countries.
In international trade law, a safeguard is a restraint to protect home or national industries from foreign competition.In the World Trade Organization (WTO), a member may take a safeguard action, such as restricting imports of a product temporarily to protect a domestic industry from an increase in imports causing or threatening to cause injury to domestic production.
In northern Peru, the World Bank's business-lending arm is part owner of the Yanacocha gold mine, accused by impoverished farming communities of despoiling their land in pursuit of the precious ore. The bank and IFC have stepped up investments in projects deemed to have a high risk of serious and environment damage, including oil pipelines, mines and even coal-fired power plants, an ...
The Washington Consensus is a set of ten economic policy prescriptions considered in the 1980s and 1990s to constitute the "standard" reform package promoted for crisis-wracked developing countries by the Washington, D.C.-based institutions the International Monetary Fund (IMF), World Bank and United States Department of the Treasury. [1]