Adani coalmine 'covertly funded' by World Bank, says report
by Joshua Robertson from on (#265NE)
The bank's private sector arm is accused of subsidising loans that funded the Indian firm's Queensland exploration bid
Adani's Carmichael mine has been "covertly funded" by the World Bank through a private arm that is supposed to back "sustainable development", according to a US-based human rights organisation.
Adani Enterprises acquired exploration rights for Australia's largest proposed coalmine in 2010 with a US$250m loan from banks including India's ICICI, which was in turn bankrolled by the World Bank's private sector arm, the International Finance Corporation, a report by Inclusive Development International says.
Related: Adani coalmine: ANZ chief suggests bank would not finance Carmichael project
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