Politico: Georgieva's World Bank Dealings Spark Conflict of Interest Fears

EU | November 30, 2016, Wednesday // 12:59|  views

EU Commissioner in charge of Budget, Kristalina Georgieva during Economic and Financial Affairs Council in Brussels, Belgium, November 16, 2016. Photo: BGNES

Outgoing EU Commission Vice President Kristalina Georgieva earlier this year negotiated changes in the way the union funds the World Bank, "her former and future employer," Politico argues.

A new arrangement with the World Bank "is raising alarm bells at the Commission and the European Parliament about a potential conflict of interest," according to a piece published on Wednesday.

Georgieva, a former World Bank employee, is due to return to the group in January to assume a CEO position.

She was in charge of budget and human resources at the EU Commission over the past two years.

"In April, Georgieva’s office agreed to a new payment structure, replacing a flat management fee with a more complex formula that three senior Commission officials with direct knowledge of the file say could result in a greater proportion of the EU’s contributions going to World Bank overhead. The officials requested anonymity out of fear of political reprisal," Politico writes.

A World Bank official is quoted as saying that Georgieva "was not involved in negotiating this framework agreement with the World Bank."

Politico's story is available here.

Tags: Kristalina Georgieva, World Bank, EU Commission


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