The World Bank plays a major role in the economies of smaller and underdeveloped countries. But like the rest of the United Nations, with which it is affiliated, it is also plagued with corruption. Recently, it has been exposed for failing to account for billions in climate funds.
Slay News reported on Saturday (October 26) that an investigation by Oxfam found that the billions of dollars from the climate funds have been “misplaced” by the bank. The story wrote:
“An Oxfam audit of the World Bank’s 2017-2023 climate finance portfolio found that between $24 billion and $41 billion in climate finance went unaccounted for between the time projects were approved and when they closed,” according to Oxfam.
This is essentially the money taxpayers of developed countries pay the World Bank so that the bank can finance poverty alleviation programs in poor countries. But what the bank has done recently is divert nearly half of that money to climate change projects – a hyped agenda of the globalist liberals that is based on discredited science and questionable expertise.
As reported in the New York Post, the Oxfam audit found that the World Bank has “a lack of traceable spending” over the past 7 years.
The World Bank has a history of corruption in handling the huge amounts of money they get every year. In 2006, an investigation by the Government Accountability Project (GAP) reported “kickbacks, payoffs, bribery, embezzlement, and collusive bidding plague bank-funded projects around the world.” According to the report, more than one-fifth (20%) of the loans distributed by the bank every year are associated with corrupt practices.
