INTERNATIONAL DEVELOPMENT LOANS FUND CHINESE FIRMS WITH XINJIANG OPERATIONS

On 4 November, Kharon reported that Chinese companies with operations in Xinjiang and ties to a sanctioned paramilitary group accused of benefiting from forced labour have received subsidies in recent years from international development banks, in part to expand their operations in the region.  For example, in March, the International Finance Corporation (IFC), the private sector arm of the World Bank Group, approved a $150 million loan to a company which claims on its website to be the world’s largest manufacturer of health protective gloves to help expand its medical glove production capacity. Kharon reports that this company purchases raw materials from a subsidiary of the Xinjiang Production and Construction Corps (XPCC), a group sanctioned by the US for its alleged ties to human rights abuses in the region.  Kharon says that, in recent years, IFC has provided hundreds of millions of dollars of loans to several companies in China with connections to Xinjiang.  Companies operating in Xinjiang near, or within the confines of, internment camps or prisons are at increased risk of forced labour, according to a US Government advisory.

https://brief.kharon.com/updates/international-development-loans-fund-chinese-firms-with-xinjiang-operations/

 

 

 

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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