Unjust Enrichment: How the IFC Profits from Land Grabbing in Africa, released by Inclusive Development International, Bank Information Center, Accountability Counsel, Urgewald and the Oakland Institute shows how the World Bank Group has indirectly financed some of Africa’s most notorious land grabs. The World Bank’s private-sector arm, the International Finance Corporation (IFC), is enabling and profiting from these projects by outsourcing its development funds to the financial sector.
The report is based on a yearlong investigation conducted by Inclusive Development International, which found that IFC-supported commercial banks and private equity funds have financed projects across the world that have forcibly displaced hundreds of thousands of people and caused widespread deforestation and environmental damage. In Africa, the investigation uncovered 11 projects backed by IFC clients that have transferred approximately 700,000 hectares of land to foreign investors.
The projects include agribusiness concessions in the Gambela region of Ethiopia that were cleared of their indigenous inhabitants during a massive forcible population transfer campaign in the area; oil palm plantations in Gabon that have destroyed 19,000 hectares of rainforest and infringed on the customary land rights of local communities; and a gold mine in Guinea that led to the violent forced eviction of 380 families.