The World Bank and Other Financial Institutions

Poverty alleviation,” “sustainability,” “prosperity” and "development" are key words in the public relations materials of the World Bank, its private arm, the International Financial Corporation (IFC), and other development finance agencies. In reality, the policies, programmes and projects promoted by these institutions have time and again caused more poverty, violence and forest destruction.

WRM spoke with close allies from Brazil, Gabon, India, Mexico and Mozambique, to hear from them and learn about their understandings of development.

This Open Letter is a public reply from the Alert against the Green Desert Network from Brazil and WRM to an email from the investment department of the HSBC bank in the USA, requesting more information regarding the Suzano paper and pulp corporation in Brazil.

Despite the government of Brazil announcing cutbacks to action against deforestation, the Green Climate Fund awarded US$ 96 million for alleged emission reductions in the Brazilian Amazon. These avoided emissions in part exist only on paper.