Photo credit: Kuni Takahashi
After escalating pressure on the World Bank to stop investing in water corporations, we’ve made a major step toward reaching this goal. The World Bank’s private sector arm, the International Finance Corporation (IFC), quietly sold its stock in Veolia, a leading water privatizer behind such problematic projects as in Nagpur, India, where rates have skyrocketed even as service fails several days out of every week.
The IFC withdrew financial backing equivalent to about US$160 million from the water privateer, severely impeding Veolia’s ability to expand its troubled water projects worldwide.
Our campaign to Challenge Corporate Control of Water has made the IFC’s investment in Veolia a liability, eroding the World Bank’s support for this powerful water corporation and ultimately keeping the human right to water safer from corporate abuse.