The World Bank has two lesser known lending arms, the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA). These arms of the World Bank provide financial support to corporations. IFC provides loans directly to corporations, and also invests in private sector projects. MIGA provides political risk insurance to the private sector.

All too often, IFC and MIGA support some of the world's largest and richest corporations, wasting development resources on corporate welfare. Too many of their projects destroy the environment, and too few projects alleviate poverty. IFC's and MIGA's investments have included such dubious development projects as luxury hotels, flower export plantations and Coca-Cola bottling plants.

Read our response to MIGA's criticism of "Risky Business."

Recent Victory! Congress confirmed its suspicion of MIGA's dubious practices by only approving $5 million of its $10 million funding request and consequently forcing the agency to return in 2003 with another appropriations request.

Analysis: Controversial World Bank Project: The Bujagali Hydroelectric Power Project, Uganda.