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International Financial Institutions

International Financial Institutions

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International Financial Institutions

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  1. International Financial Institutions

  2. World Bank Group • Established in 1946 by the Bretton Woods Agreement • Dominated by largest donor countries – US, EU states, Japan • Loans • IBRD (International Bank for Reconstruction and Development) • IDA (International Development Association) • Assistance for restructuring and development -Infrastructure -Structural adjustment lending -Education, agriculture, environment, etc.

  3. What Prompted Environmental Reforms at the WB? • Advocacy Pressure • US Concern and support by other donors • Bank Staff • Bank leadership

  4. Role of Advocacy Pressure • Polonoroeste Project, Brazil • Sardar Sarovar Dam, Narmada River, India • 1985-1991

  5. Aspects of WB Reform • Environmental Assessments • Public Information • Independent Inspection Panel • Vice Presidency for Environment and Socially Sustainable Development • Environment Department • Consider different types of capital • Reduced share of environmental damaging projects; increase in environmental projects

  6. Source: Nielson and Tierney 2003

  7. Is the Glass Half Full or Half Empty? • Criticisms: • Not enough consideration of sustainable alternatives • Not always compliant with its own rules • Incentives for manages to produce large projects • Other?

  8. Qinghai Poverty Alleviation Project • Poverty Alleviation in Inner Mongolia and Qinghai, W, NW China, approved in 1999 • Voluntary resettlement of 58,000 farmers from barren mountains to irrigated land • Opposed by NGOs and Intl. Campaign for Tibet • Inspection Panel found irregularities with the implementation of environmental and social assessments; & with resettlement plans • China withdrew request for financing in 2000

  9. Deepen Reform of the WB? • Role of donor and recipient countries? • Should the WB dictate environmentalism to poor countries?