The World Bank Thursday released its answer to the revolution taking place by the BRICS nations and their partners in Asia, Africa, and Ibero-America. The "New Global Infrastructure Facility" was unveiled as a solution to the deadly lack of infrastructure in the developing world. But it is, in fact, in its own words, intended to stop the BRICS New Development Bank (NDB) and China's proposed Asian Infrastructure Investment Bank (AIIB) from actually functioning to build the needed infrastructure.
For instance, Indian Express reports: "World Bank Group President Jim Yong Kim told mediapersons here that the World Bank will extend all help to AIIB, NDB, and ADB (Asian Development Bank, an appendage of the World Bank) including its experience in financing, supervising and implementing, as well as its expertise in risk mitigation and in ensuring that there are enough environmental and social safeguards while building big infrastructure projects."
This, of course, is the imperial policy which has turned the International Monetary Fund (IMF) and the World Bank into tools of the British Empire: no development if it is not profitable for the private investors, and/or if it does not meet the "environmental" standards of Prince Philip's genocidal World Wildlife Fund.
Indeed, "private investors" is the key. While the NDB and the AIIB are based on government-funded and -directed projects, the NGIF is entirely geared towards PPPs—Public-Private Partnerships—with the usual suspects signed on to work with the Bank and a group of (Anglophile) governments. These include: Blackrock, Citibank, HSBC, Macquarie, Standard Bank, and Swiss Re.
World Bank President Kim, after noting that "private infrastructure investment in emerging markets and developing economies dropped from $186 billion in 2012 to $150 billion last year," went on to say: "We have several trillions of dollars in assets represented today looking for long-term, sustainable and stable investments.... The real challenge is not a matter of money but a lack of bankable projects—a sufficient supply of commercially viable and sustainable infrastructure investments" (emphasis added).
The president of the European Investment Bank, Werner Hoyer, was even more explicit: "We welcome the proposed collaboration of the Multilateral Development Banks and the private sector and capital market institutions on GIF as it will ... strengthen market investment in key infrastructure sectors and countries where such resources are lacking. What we need are viable, bankable and innovative projects which provide added value for investment and modernising the economy" (emphasis added).
World Bank Group Managing Director and CFO Bertrand Badre emphasized the urgency of stopping the non-imperial policies emerging outside of IMF-World Bank control: "We know that simply increasing the amount invested in infrastructure may not deliver on the potential to foster strong, sustainable and balanced growth. A focus on the quality of infrastructure is vital," adding that the key focus would be on "climate friendly investments as well as ventures to bolster trade."
These troglodytes from a more primitive era of history are so desperate to stop the BRICS, that they expelled the representatives of EIR after the first day of meetings, seeing that they were introducing the New World reality inside the World Bank's cave-dwellings, and bringing optimism to participants from around the world.