No matter how the World Bank likes to wrap itself up in gentle talk about helping the poor, their agenda remains quite clear: to support the rich.
Here they go again.
“The World Bank Group pushes privatization as a key solution to the water crisis. It is the largest funder of water management in the developing world, with loans and financing channeled through the group’s International Finance Corporation (IFC). Since the 1980s, the IFC has been promoting these water projects as part of a broader set of privatization policies, with loans and financing tied to enacting austerity measures designed to shrink the state, from the telecom industry to water utilities.
But international advocacy and civil society groups point to the pockmarked record of private-sector water projects and are calling on the World Bank Group to end support for private water.
In the decades since the IFC’s initial push, we have seen the results of water privatization: It doesn’t work. Water is not like telecommunications or transportation. You could tolerate crappy phone service, but have faulty pipes connecting to your municipal water and you’re in real trouble. Water is exceptional.
Even as the World Bank Group continues to promote water privatization, its own data reveal that a high percentage of its private water projects are in distress. Its project database for private participation in infrastructure documents a 34 percent failure rate for all private water and sewerage contracts entered into between 2000 and 2010, compared with a failure rate of just 6 percent for energy, 3 percent for telecommunications and 7 percent for transportation, during the same period.”
To read the article in full, go here: http://america.aljazeera.com/opinions/2014/4/water-managementprivatizationworldbankgroupifc.html