World Bank president Paul Wolfowitz blasted Chinese banks for not respecting the “Equator Principles,” a voluntary code of conduct requiring projects funded by private banks to meet a range of social and environmental standards. Wolfowitz reminded these banks not to “make the same mistakes as France and the US did with [President] Mobutu’s Zaire,” whose country went bankrupt due to heavy borrowing from western funding institutions. He revealed that the bank had directly spoken with China on these issues but both sides have yet to come to any agreement. “I hope in time our viewpoints will converge,” he remarked. (Sources: World Bank hits at China over lending/Financial Times)
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