Revealed: Kenyan Oil Project Had Environmental Concerns Months Ahead of World Bank Investment

Read time: 12 mins

In 2015, the World Bank bought a 6.8 percent stake in Africa Oil Corp, a Canadian-based oil and gas company, for CAD $65 million (US$50 million), despite opposition to the deal by the U.S Treasury Department over environmental concerns.

The purchase was made by the World Bank’s investment arm, the International Finance Corporation (IFC), of which the U.S., as well as 184 other nations, are shareholders.