An interesting article in the Huffington Post reveals that:
“Over the last decade, projects funded by the World Bank have physically or economically displaced an estimated 3.4 million people, forcing them from their homes, taking their land or damaging their livelihoods.”
- To date, the most affected regions have been Asia, Africa, and South America. Doing comparatively well, only 14% of all World Bank funded projects in Jamaica has resulted in persons being displaced.
- While The World Bank has not played an active role in the displacement persons, it's admit to dropping the ball on providing oversight in how governments choose to carry out development projects.
- In 2014, according to estimates published by the China-Latin America Finance Database, loans by China's state-owned banks to Latin American countries rose by 71% to $22bn (£14bn) in 2014–surpassing The coffers of the World Bank and the Inter-American Development Bank combined.
- It would be interesting to see a comparison of how Chinese investment handles the issue of oversight and sustainable development.