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PRESS RELEASE

World Bank and the UK Department for International Development to Expand Cooperation in Protecting Development Funds

October 16, 2012

WASHINGTON— At the IMF-World Bank Annual meetings in Tokyo, the UK Department for International Development (DFID) signed a Memorandum of Understanding (MoU) with the World Bank Integrity Vice Presidency. 

Both organizations agreed to share information and undertake joint or parallel investigations to prevent, detect, disrupt and substantiate fraud and corruption in development projects where both the United Kingdom and the World Bank Group have joint interests.

"The World Bank’s partnership with a major development player such as DFID will expand our existing cooperation in financing projects to mitigating the risks of fraud and corruption.  One area where we have demonstrated significant success is  joint forensic audits that helped identify, quantify and confront such risks in several projects," said Leonard McCarthy, World Bank Integrity Vice President. This MoU is a critical step in advancing our collective efforts to protect taxpayers money and ensure it is dedicated to projects that can offer poor communities better services and economic opportunities.”

Both organizations will develop new methodologies and instruments to prevent fraud and corruption in large-scale projects and support governance and anti-corruption efforts of recipient governments. 

"DFID recognizes the valuable contribution that the World Bank is making to help developing countries tackle corruption. I am equally delighted to sign this MOU which marks a further step in strengthening cooperation between DFID and the Bank," said Mr. Mark Lowcock, Permanent Secretary, Department for International Development.

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