The World bank in its bid to intensify efforts to advance the fight against corruption in its development projects has sanctioned 35 firms and individuals in 2022
This is according to the World Bank Group Sanctions Annual Report for 2022 released on its website, a copy of which was obtained by the News Agency of Nigeria (NAN) on Thursday in Abuja
It said out of the 35 sanctioned firms and individuals, 32 were debarred with conditional release, making them ineligible to participate in projects and operations financed by the institutions of the World Bank Group.
The statement said three firms were sanctioned with conditional non-debarment, leaving them eligible, as long as they continued to meet certain agreed conditions while under sanction.
It said the institution also recognised 72 cross-debarments from other Multilateral Development Banks (MDBs), while 30 World Bank Group debarments were eligible for recognition by other MDBs.
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According to the World Bank, its sanctions system is resolute in maintaining its anti-corruption oversight on development financing.
It said this was made possible by the joint report of the World Bank Group’s Integrity Vice Presidency (INT), Office of Suspension and Debarment (OSD), and Sanctions Board.
“This illustrates how in a time of increasingly complex global challenges and historic development support by the World Bank Group, the institution’s sanctions system was resolute in maintaining its anti-corruption oversight of the institution’s development financing.’’
It said INT is the independent unit within the World Bank Group that works to detect, deter, and prevent fraud and corruption in World Bank Group-financed operations and by the bank’s staff and corporate vendors.
Source: My Broadband
