Tuesday, 11 April 2000
.....
How do you get a banker's attention? Hit him or her squarely on the bottom line. The World Bank Boycott campaign is calling for an end to the private financing of the World Bank. If you have a pension fund or other investment tool that invests in bonds, you may be supporting the World Bank unwittingly. Do some research and then act appropriately. The World Bank Boycott Web site is a great resource.
The World Bank raises 80% of its funds through bonds which are sold to investors on private capital markets. Today is the public launch of a boycott against World Bank bonds, which is being organized in eleven countries, including South Africa, Ecuador, and Pakistan. Beverly Bell, Director of the Center for Economic Justice said, "The fact that labor unions, churches, universities, and municipalities own these bonds gives ordinary citizens the opportunity to take power away from this destructive institution."
"When investors realize that their money is being used to damage the environment, destroy indigenous communities and trample human rights, they will move their investments to less controversial projects," says Neil Tangri of Washington, D.C.-based Essential Action. Even before the campaign's official launch, several socially responsible investment firms (including Trillium Assets Management of Boston and Progressive Assets Management of New York) have pledged not to buy World Bank Bonds. In addition, the city of Berkeley, California and Local 9423 of the Communications Workers of America in San Jose, California have passed resolutions to boycott the future purchase of World Bank bonds. Similar resolutions have been initiated in communities and institutions throughout the United States.
This is World Bank boycott campaign <http://monkeyfist.com/articles/421>