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World Bank sanctions Serbian firm for corruption

Source: Fri, 4 Jan 2013 00:15 GMT
Author: NO_AUTHOR
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WASHINGTON, Jan 3 (Reuters) - The World Bank barred a Serbian company from doing business with it for two and a half years after the company admitted to corruption on a project in Uganda.

   The Serbian civil engineering and contracting company, called Energoprojekt Niskogradnja, acknowledged "misconduct" during a Bank-financed roads and development project in Uganda, the World Bank said.

   The debarment means the Serbian company also cannot do business with other multilateral development banks.

   The move comes as the World Bank is reviewing its overall aid to Uganda over corruption allegations in the east African country, including embezzlement by officials in the prime minister's office. Some other donors, including the United Kingdom, have already suspended aid.

   The World Bank is Uganda's largest multilateral lender, supplying cheap credit for health and infrastructure. The country gets about $350 to $400 million from the World Bank each year, $100 of it in direct budget support, the Bank has said.

 

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