Africa: World Bank funds mining in Africa

The private finance sector arm of the World Bank Group announced last month that it would invest $300 million to promote mining in Africa. Dr. Aaron Tesfaye, a professor of International Political Economy and African Politics at William Paterson University, said he is not surprised by the announcement because of the economic and security implications mining and strategic metals have for industrialised nations. While the IFC claims to promote poverty reduction through sustainable development in developing countries, it has been criticised because the mining projects it has funded have a track record of causing human rights abuses and massive environmental damage. 'This is bad news for Africans, at least those who aren’t members of the business and political elite,' said Jamie Kneen, Communications Coordinator for MiningWatch Canada.