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The World Bank is often in the news, but not always for reasons it
might like. The official name is the International Bank for Reconstruction
and Development.
In recent years, its big meetings at its headquarters in Washington
have become the target of anti-globalization protesters. Its lending
policies and support for free trade are criticized. Environmental
activists have objected to its financing of dams and some other projects.
But supporters say the World Bank Group and its member organizations
are making progress in reducing poverty. One of the members is the
International Finance Corporation. The I.F.C. helps private businesses in
developing countries.
In February, its directors approved new environmental and social
requirements to replace existing ones for projects it finances. There are
new requirements for community health, safety, and security as well as
labor conditions and pollution prevention, among others.
A major program of the International Finance Corporation is the
Grassroots Business Initiative, headed by Harold Rosen.
Mister Rosen tells us that the program helps bridge developing
economies and the international marketplace. It seeks to strengthen small
businesses through technical assistance. They might also receive
financing. Mister Rosen says the Grassroots Business Initiative is
socially driven, because the aim is to help people most in need.
Among the businesses in the program is an African company called Gone
Rural. It employs about seven hundred women in Swaziland. They make
baskets, table items and other goods from natural materials. Today, their
products are sold in about thirty-five countries around the world.
Each woman supports, on average, eight other people. So the company is
said to have an influence in society. Gone Rural educates the women about
AIDS and HIV, the virus that causes it. An estimated forty percent of
Swazi adults are infected with HIV.
Mister Rosen says a store opening soon in Washington will sell items
from Gone Rural. It will also sell goods from other businesses supported
by the International Finance Corporation. Suppliers must guarantee that
their goods are produced without child labor or environmental harm.
The Pangea Artisan Market and Cafe will sell items from Africa, Asia
and Latin America.
This VOA Special English Development Report was written by Jill Moss.
This is Shep O'Neal.
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