The International Finance Corporation — the private sector arm of the World Bank Group — has been in the news a lot lately after being implicated in a child sexual abuse scandal in Kenya.
But while the bank’s President Ajay Banga has admitted failings, apologized for the “trauma” experienced by the abused children, and called for an independent investigation into what went on, the institution has attracted controversy over its refusal to offer direct financial compensation to the alleged victims.
Advocacy groups, some U.S. lawmakers, and even IFC’s own internal watchdog say IFC should pay for its mistakes, but the financier is refusing to budge. Why?
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About the author
Sophie Edwards
Sophie Edwards is a Devex Contributing Reporter covering global education, water and sanitation, and innovative financing, along with other topics. She has previously worked for NGOs, and the World Bank, and spent a number of years as a journalist for a regional newspaper in the U.K. She has a master's degree from the Institute of Development Studies and a bachelor's from Cambridge University.
