Africa/Global: Underwriting Bribery: Export Credit Agencies and Corruption

Corruption - broadly defined as "the abuse of public or private office for personal gain" takes many different forms, from routine bribery or petty abuse to the amassing of spectacular personal wealth through embezzlement or other dishonest means. The international community is adamant that corruption must be stopped. It is demanding that the governments of poorer countries eradicate corruption within their countries if they want to be considered eligible to receive Western aid. Yet there is a deep hypocrisy in the international community's approach, at the heart of which are the taxpayer-backed export credit agencies of industrialised countries.