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02 Jun 08
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During the EIR review process, the World Bank was unable to provide a clear example where poverty was alleviated as a direct result of one of its investments in the extractive industries.
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It is true that investment in the extractive industries has been on a general decline over the last few years, but the share of support for investing in the private sector through IFC and MIGA has increased. In some regions, like Africa, investments in extractive industries representative the vast majority of that continents development support. Regardless, the World Bank Group sets the standards and best practice for the extractive industries globally. Even if the direct investments are a small percentage of the World Bank's overall investments, the approach the World Bank adopts will have a ripple effect beyond its own direct investments.
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these recommendations require the World Bank Group to respond as one institution since each of its arms -- IBRD, IDA, IFC and MIGA -- support the extractive industries through a variety of mechanisms. We are looking to the World Bank Group to take a serious and comprehensive approach to the EIR recommendations and adopt them fully and in a timely fashion.
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http://iris36.worldbank.org/domdoc/PRD/Other/PRDDContainer.nsf/All+Documents/85256D240074B56385256FF6006843AB/$File/volume1english.pdf
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