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Consolidate Student Loans International investment banks are lobbying the World Bank to rebuff the recommendations of an independent study that urged the global lender to bail out of gas, oil and mining projects.

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Home Equity Loans According to a leaked letter sent to World Bank President James Wolfensohn and seen by IPS, several investment banks that lend for such projects want the World Bank to reject the findings of the Extractive Industries Review (EIR), an effort to assess the bank's heavily criticised support for mining and energy projects.

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Home Equity Loan Rates The EIR submitted its final report to the World Bank on Jan. 16, urging the world's largest public lender to stop funding extractive industries like coal and oil by 2008, and to shift its investments to cleaner renewable energy instead.

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Homeowner Loans Among its many recommendations is a call for the bank to implement "much more effective social and environmental policies".

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Equity Loan Rates But in their undated letter, the banks argue the review ignores that extractive industries remain critical to global economic growth and poverty reduction and that, in some countries, the sectors generate important revenues that finance government programmes.

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Student Consolidation Loans "We believe that the EIR has not given sufficient consideration to the fact that the extractive industries are essential to global economic growth and poverty reduction," says the letter.

Second Mortgages The investment banks form what is called the Equator Principles group -- some 20 international investment banks that have adopted the World Bank Safeguard Policies and Sector Guidelines, created to help banks manage social and environmental issues related to the financing of development projects.

Federal Consolidation Loan The guidelines make recommendations on how to deal with such issues as natural habitat, indigenous peoples, involuntary resettlement, dam safety and cultural sites.

Equity Loan The Equator Banks, which include world names like ABN AMRO Bank, Barclays, Citigroup, Crdit Lyonnais, Credit Suisse Group, Dresdner Bank and Royal Bank of Canada, sometimes co-finance projects with the World Bank in extractive industries and related sectors.

Refinancing With Bad Credit Collectively they were responsible for 54 billion dollars worth of financing for such projects in 2003.

Home Equity Line Of Credit The banks say they are worried that if the World Bank withdraws from extractive industries, the move could have a ripple effect on private capital. World Bank involvement in a development project has often been seen as a green light for other lenders to get on-board.

Federal Consolidation They also warn that the bank's pullout could result in lower standards of governance and operations by companies carrying out some of the more challenging projects.

Equity Loans The banks argue that projects like the 1,070-km Chad-Cameroon pipeline in Central Africa and the Baku-Tbilisi-Ceyhan (BTC) pipeline in the Caspian region are exemplary models for development.

Student Loan Consolidate The World Bank has provided loans for the two projects despite loud protests from civil society groups who say the pipelines harm the environment and have already displaced indigenous populations.

Consolidate Loans The letter also seeks to discredit renewable energy, such as wind and solar, as a possible alternative to non-renewables, arguing that many are not yet commercially viable and that economies of scale will not allow renewables to play a significant role in meeting current or expected future energy needs.

Home Loans Refinancing The banks' letter has infuriated environmentalists and other activists. They charge that the lenders are preventing the World Bank from possibly adopting even higher standards of corporate conduct.

Consolidate College Loans "The Equator Banks are acting like wolves in sheep's' clothing," said Daphne Wysham, a fellow with the Institute for Policy Studies, in a press release.

Student Loan Refinance "Though wearing the outer trappings of higher standards, this letter reveals the Equator Banks actually trying to impede the World Bank's attempt at implementing higher social and environmental standards."

Equity Home "They are playing an obstructionist role in the recommendations that are for the World Bank not for them," added Michelle Chan-Fishel, programme manager of the green investments project of Friends of the Earth -- U.S.

Home Line Of Credit She argued that the World Bank is obligated to heed the EIR's recommendations. "The World Bank has a development mission and is dedicated supposedly to alleviating poverty. (The investment banks) trying to get in the way of that is really inappropriate".

Home Equity Poor Credit Support for the review has been gaining momentum. On Apr. 2, more than 100 parliamentarians worldwide, and the European Commission, called for the full implementation of the EIR recommendations.

Home Refinance Loans In March, six Nobel Peace Prize laureates, including landmines activist Jody Williams and South African Archbishop Desmond Tutu, also wrote Wolfensohn to urge that the World Bank adopt the EIR recommendations.

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