In its historic decision on 27th Feb 2019, the U.S. Supreme Court decided that international organizations like the World Bank Group “don’t enjoy absolute immunity”. Simply put, with this judgement, the World Bank and other international financial institutions can be sued anywhere for the damages they are causing to people and the environment. The Court’s decision marks a defining moment for the IFC (International Finance Corporation) – the arm of the World Bank Group that lends to the private sector. For years, the World Bank has operated as if it were “above the law,” at times pursuing reckless lending projects that inflicted serious human rights abuses on local communities, and then leaving the communities to fend for themselves. This decision will also push World Bank to be more responsible in their lending now being well aware that they can be dragged to the Court of Law.
* Demystifying finance to common people
* Making financial institutions transparent and accountable
* Spreading financial literacy programmes