Friday, May 18, 2007

African Finance Corporation to replace IFC

Peter Ndiangui writes on Nigerian led plans for a continental financial services organisation which would replace the World Bank's International Finance Corporation. The IFC has been accused of a high-handed and often reckless attitude towards Africa best captured in the manner of its handling of the recent Rift Valley Railway deal.

Even as the nations of Africa seek to extricate themselves from the IFC's grasp, it is important that any new organisation is differentiated from the ADB, and also that it eschew replacing the tyranny of Washington with an irresponsible slavery to political interests on the continent.

More here.........