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WASHINGTON, July 15, 2024—The Board of Executive Directors of the International Finance Corporation (IFC) today announced that they have selected the global law firm Freshfields Bruckhaus Deringer to explore the circumstances surrounding the Compliance Advisor Ombudsman’s (CAO) investigation of IFC’s investment in Bridge International Academies.
As announced in May, World Bank Group President Ajay Banga called for the probe after a CAO investigation found that IFC had received reports of child sexual abuse while invested in Bridge International Academies and, among other protocol shortcomings, the allegations were not acted on as early or aggressively as they could have been.
Freshfields will review whether the CAO was fully able to execute its compliance investigation mandate. This will include exploring if CAO had unfettered access to the relevant documents and information required to conduct the Bridge investigation, as well as access to all relevant staff involved in, or with knowledge of, the Bridge investment. In addition, the firm will review whether IFC staff and management cooperated fully with CAO as required under IFC policies.
Freshfields, a leading international firm for complex corporate, litigation, investigations, arbitration and regulatory work, was selected following a competitive search.
CONTACT:
In Washington: David Theis, (202) 203-0601, dtheis@worldbank.org
About The World Bank
The World Bank Group has a bold vision: to create a world free of poverty on a livable planet. In more than 100 countries, the World Bank Group provides financing, advice, and innovative solutions that improve lives by creating jobs, strengthening economic growth, and confronting the most urgent global challenges. For more information, please visit www.worldbank.org, www.miga.org, and www.ifc.org.
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