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‘Firms working with WB in Africa use tax havens’

WASHINGTON: The vast majority of companies that received money from the World Bank’s private lending arm last year to finance investment in Africa’s poorest region use tax havens, a campaign group said on Monday.

A total of 51 out of 68 companies that receive such funds from the International Finance Corporation for sub-Saharan Africa used tax havens. And they accounted for 84 per cent of IFC investment in the region in 2015, Oxfam said in a report.

The use of the havens had no apparent link to the companies’ core business, it added.

The most common haven for these companies was Mauritius, Oxfam said, adding that 40pc of the IFC’s customers investing in sub-Saharan Africa had ties there.