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| Siemens selects initial projects for integrity initiative Siemens AG announced the first anti-corruption projects that will receive financing from the US$100 million integrity initiative to promote clean markets. This initiative is part of the World Bank-Siemens AG comprehensive settlement that was agreed on July 2, 2009. An initial tranche of US$40 million will now be distributed to more than 30 initiatives from over 20 countries that have been selected. Around 300 nonprofit organizations from 66 countries had applied for funding during the first round. Projects that will be supported by this initial tranche include assisting the Brazilian organization Instituto Ethos in ensuring the transparent award of the infrastructure contracts for the Football World Cup 2014 and the Olympic Games 2016 in Brazil. In Europe, the newly founded International Anti-Corruption Academy is receiving funding for research and teaching. This Vienna-based international organization was set up to train anti-corruption experts from all over the world. Other initiatives will be supported in the following countries: Angola, Brazil, China, Egypt, Hungary, India, Indonesia, Italy, Mexico, Nigeria, the Philippines, Russia, the Slovak Republic, South Africa, the Czech Republic, the U.S. and Vietnam and various Middle Eastern states. As part of the World Bank-Siemens AG settlement agreement, the World Bank has audit rights over the use of the funds and veto rights over the selection by Siemens of anti-corruption groups or programs receiving funds. The selection was made with a view to achieving a balance with respect to the topics and the regional distribution of the funds. In December 2009, Siemens announced that funds totaling US$100 million would be distributed over the next 15 years to nonprofit organizations worldwide that promote business integrity and fight corruption. This initiative is part of the agreement concluded between Siemens and the World Bank following an investigation by the World Bank's Integrity Vice Presidency and Siemens' acknowledgement of past misconduct in its global business. write your comments about the article :: © 2010 Construction News :: home page |