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Engaging for Impact March 2nd, 2015
Why Do Faith-based Shareholders Engage Mining Companies?
The Rev. Seamus Finn, OMI was interviewed recently by SUSTAIN, a publication of the International Finance Corporation, a lending arm of the World Bank that focuses exclusively on the private sector. The IFC is interested in how the Church has engaged in recent years with the extractives industry. Fr. Finn has been centrally involved in high-level meetings called by the Vatican and the Archbishop of Canterbury with mining CEOs and faith-based representatives to discuss ways to increase respect for the rights of, and lessen the impact of mining operations, on local communities. He is Director of Faith-Based Investing for the Oblate International Pastoral (OIP) Investment Trust, and Executive Director of the International Interfaith Investment Group (3iG)
Some of the questions asked in the interview are: “Why should the church care about extractives?”, “Why social justice through investment?”, and “Is there a way to secure societal fairness? Is it always a dynamic or is there a sweet spot?”
Sign up for World Bank MOOC on Climate Change! December 18th, 2013
The World Bank is offering a Massive Open Online Course (MOOC) on climate change next month, starting January 27, 2014. This course presents recent scientific evidence as well as some of the opportunities for urgent action on climate change. It also covers the latest knowledge and information based on cutting-edge research.
It is being offered in two tracks: (1) GeneralPublic; and (2) Policy Makers and Practitioners. The course runs for 4 weeks, and is free of charge. You have access to the material for approximately 6 months after the course ends.
Sign up for the first delivery of the course at https://www.coursera.org/#course/warmerworld
Climate change affects us all, so please feel free to share the registration link as widely as possible in your networks.
World Bank Group President and the Pope Discuss Ending Poverty October 28th, 2013
World Bank Group President Jim Yong Kim and His Holiness Pope Francis met on October 28th at the Vatican to discuss their mutual efforts to end extreme poverty and provide greater opportunities for the poor and vulnerable.
“I was so grateful to meet with the Holy Father and was inspired by his passion and commitment to help the poor, the sick, and the hungry,” Kim said. “We talked about ways we could work together with faith leaders to make a preferential option for the poor, so they can have greater opportunity and justice in their lives.”
Kim thanked Pope Francis for his strong statements encouraging humble service to the less fortunate, as well as his support for better education, health care, environmental protection, and jobs with fair wages to help the poor lift themselves out of poverty.
Following the 20-minute meeting, Pope Francis and Kim agreed to explore ways to work together to end extreme poverty.
“At the World Bank Group, we have set a goal to end extreme poverty in less than a generation, and to boost shared prosperity for the bottom 40 percent of people in developing countries,” Kim said. “Pope Francis and I agree on the urgent moral imperative to lessen the suffering of over 1 billion people and to end the scandal of poverty. We share a vision of a world with greater compassion for all people in need.”
World Bank Increases Transparency June 1st, 2012The Jubilee USA Network, of which the Missionary Oblates is a member, commends the World Bank for promoting an anti-corruption and anti-fraud position.
WASHINGTON, DC – The World Bank made an important move to promote transparency as they released this week’s sanctions board decisions on fraud, corruption and collusion cases. Jubilee USA commends the World Bank’s policy change to publicly disclose why they decide to sanction companies and individuals for corruption and fraud.
“This is a great move by the World Bank and everyone wins with this decision,” noted Eric LeCompte, Executive Director of Jubilee USA Network. “NGOs, businesses and governments can now better monitor patterns of fraud and corruption. Most importantly, the poor will benefit as this reporting further helps curb this behavior and ensures that resources are not stolen from the developing world.”
The sanctions board is an independent tribunal led by mainly external members and acts as the final decision-maker in all contested cases of World Bank funded projects. Historically, the World Bank only disclosed summaries of past board decisions but this new change in policy will give an in-depth review of every appeal and the logic behind deciding where misconduct occurred and what sanctions should be administered.
Canada Holds Up Congo’s Debt Cancellation July 1st, 2010
The World Bank announced yesterday that it was postponing the Democratic Republic of Congo’s long-awaited debt cancellation, even though the country has qualified. The postponement has come about at the request of Canada, because Canadian mineral firm First Quantum is in dispute with the government of DRC over mineral rights.
The DRC has been waiting for debt relief for 7 years, while the IMF and World Bank have satisfied themselves that the country has met numerous economic conditions. Politics has come into play before – last year the IMF held up DRC’s progress through the debt relief scheme because the country was proposing to take loans from China. Congo and China agreed to reduce the amount and terms of the loans late last year.
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World Bank Hosting Public Consultations on Operations in Africa June 20th, 2010
The World Bank Group is consulting and seeking input about World Bank operations in Africa. The series of public consultations is focusing on how to improve World Bank operations in Africa and is expected to be completed in January 2011. The aim of this consultative process is to raise awareness about opportunities and challenges facing Africa and to gather a diverse perspective about the Bank’s operations there. The global economic crisis coupled with changes in Africa’s political and socioeconomic landscape has made it necessary to revise World Bank operations in Africa.
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