World Bank 'gambling assets' by investing in private water firms


Civil society groups are pressuring the World Bank to disinvest from private water companies, saying that privatising ownership and management of this natural resource has failed to improve access to clean drinking water. The World Bank is subsidising private profiteering from an essential resource by lending public money to private corporations that manage or run water utilities but have failed to improve services, says Corporate Accountability International (CAI), a Boston-based advocacy group that focuses on corporate abuse and represents an international coalition of water activists.

"The World Bank Group's reputation and assets are being gambled. Millions of people's lives are being imperiled," CAI said last month in a letter to the World Bank president, Jim Yong Kim.

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Jackvan John
World bank is loosing its objective. WB is going to support these big companies now and not the poor people around, for which it was established.
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