Adani coalmine ‘covertly funded’ by World Bank, says report

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: If Adani is not viable without public subsidies then the conservatives are backing the wrong horse | Ben Oquist

Related: Adani coalmine: ANZ chief suggests bank would not finance Carmichael project

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