Banking on growth, only

Published: Friday 31 December 1999

-- Environment is very low on the list of priorities of the World Bank. It does not give grants. It lends money only to credit-worthy borrowers and to projects that promise high rates of economic return to the donor countries and the bank. Environmental projects are given low priority because the returns are minimal. Similarly, the United Nations Environmental Programme (unep) has the smallest budget among all development agencies in the United Nations and its fortunes are declining every year.

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