Watch Out: The World Bank Is Quietly Funding a Massive Corporate Water Grab
Even though water privatization has been a massive failure around the world, the World Bank just quietly gave $139 million to its latest corporate buddy.
By Scott Thill
November 2, 2010
Billions have been spent allowing corporations to profit from public water sources even though water privatization has been an epic failure in Latin America, Southeast Asia, North America, Africa and everywhere else it’s been tried. But don’t tell that to controversial loan-sharks at the World Bank.
Last month, its private-sector funding arm International Finance Corporation (IFC) quietly dropped a cool 100 million euros ($139 million US) on Veolia Voda, the Eastern European subsidiary of Veolia, the world’s largest private water corporation. Its latest target? Privatization of Eastern Europe’s water resources.