Fighting corruption? Five multilateral development banks have been doing that for two years.
The agreement was between the World Bank, Asian Development Bank, African Development Bank, European Bank for Reconstruction and Development and Inter-American Development Bank. Since its launch, the banks have cross-debarred 111 firms and individuals. The development community’s Justice League? Not quite, but close enough.
It does not matter what they are called though. What is more important is for the international development community to find ways to follow their lead. There is a need to make the world smaller to “close the loop” on corrupt entities and individuals, says Stephan Zimmerman, director of operations at the World Bank’s Integrity Vice Presidency. The fight should transcend borders.
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