The World Bank’s accountability mechanism, the Compliance Advisor Ombudsman (CAO), has published a report that finds “substantial concerns” regarding the International Finance Corporation (IFC)’s investment in for-profit education provider Bridge International Academies and has announced that they will launch an investigation into the matter.
The compliance appraisal will investigate the adequacy of the IFC’s due diligence and supervision, looking in particular at whether the IFC took sufficient steps to assure itself that Bridge complied with national law and standards, IFC policy requirements for transparency and community participation, labour rights, and health and safety standards. It is due to be completed in 2020.
The IFC has invested $13.5 million in Bridge’s parent company NewGlobe Schools Inc to date. Despite being alerted of evidence of the company’s malpractices after their initial investment in 2014, the IFC further invested in the company in 2016.
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