Leading multilateral banks have formalized April 9 an agreement to jointly blacklist and debar companies and consultants found to have engaged in corrupt practices in bank-financed development projects.
Under the new accord, firms and individuals banned or sanctioned by the one of the participating development banks - the World Bank, the African Development Bank, the Asian Development Bank, the European Bank for Reconstruction and Development and the Inter-American Development Bank - can be cited for the same wrongdoing by any of these institutions.
“With today’s cross debarment agreement among development banks, a clear message on anticorruption is being delivered: Steal and cheat from one, get punished by all,” World Bank Group President Robert B. Zoellick said during the signing event hosted by the European Investment Bank.
Zoellick added: “This accord also underscores to our member governments that scarce development financing goes where it is intended.”
