Inquiry following CAO investigation into IFC’s investment in Bridge International Academies

World Bank Group President Ajay Banga initiated the inquiry following a CAO investigation revealing that IFC had received reports of child sexual abuse during its investment in Bridge International Academies.

The Board of Executive Directors of the International Finance Corporation (IFC) announced today their decision to commission an external firm to examine the circumstances surrounding the Compliance Advisor Ombudsman's (CAO) investigation into IFC's investment in Bridge International Academies. The CAO serves as IFC's independent accountability mechanism and reports directly to the IFC Board.

World Bank Group President Ajay Banga initiated the inquiry following a CAO investigation revealing that IFC had received reports of child sexual abuse during its investment in Bridge International Academies. The investigation also uncovered several protocol shortcomings, including delayed or insufficient action on the allegations.

The independent review aims to ascertain whether the CAO had full autonomy to carry out its compliance investigation mandate. This will entail evaluating whether the CAO had unrestricted access to pertinent documents and information necessary for the Bridge investigation, as well as access to all relevant personnel involved in or knowledgeable about the investment.

Furthermore, the review seeks to verify that IFC staff and management collaborated fully with the CAO in accordance with IFC policies. This includes confirming that IFC provided complete access to documents and personnel as requested by the CAO, ensuring there was no interference from IFC in the CAO investigation, affirming that IFC took all requisite actions as per CAO policies, and ensuring there were no efforts to impede the effectiveness of the Bridge investigation.