Fishing communities and farmers from India filed suit against the International Finance Corporation (IFC) in federal court in Washington, D.C. The plaintiffs allege that the IFC caused the loss of their livelihoods, destroyed their lands and water, and created threats to their health by funding the Tata Mundra coal-fired power plant in Gujarat, India.
The World Bank’s action plan responding to an internal review on the bank’s resettlement practices does not address the serious failings the review found, 85 non-governmental organizations and independent experts from 37 countries said today in a letter to the World Bank president, Jim Yong Kim.
A new report, “The Suffering of Others” finds the International Finance Corporation has little accountability for billions of dollars’ worth of investments into banks, hedge funds and other financial intermediaries, resulting in projects that are causing human rights abuses around the world.