Even though water privatization has been a massive failure around the world, the World Bank just quietly gave $139 million to its latest corporate buddy.
Billions have been spent allowing corporations to profit from public water sources even though water privatization has been an epic failure in Latin America, Southeast Asia, North America, Africa and everywhere else it's been tried. But don't tell that to controversial loan-sharks at the World Bank. Last month, its private-sector funding arm International Finance Corporation (IFC) quietly dropped a cool 100 million euros ($139 million US) on Veolia Voda, the Eastern European subsidiary of Veolia, the world's largest private water corporation. Its latest target? Privatization of Eastern Europe's water resources.
Veolia has made it clear that their business model is based on maximizing profits, not long-term investment," Joby Gelbspan, senior program coordinator for private-sector watchdog Corporate Accountability International, told AlterNet. "Both the World Bank and the transnational water companies like Veolia have clearly acknowledged they don't want to invest in the infrastructure necessary to improve water access in Eastern Europe. That's why this 100 million euro investment in Veolia Voda by the World Bank's private investment arm over the summer is so alarming. It's further evidence that the World Bank remains committed to water privatization, despite all evidence that this approach will not solve the world's water crisis."
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