Topic - International Finance Corp.

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  • Saudi billionaire Prince Alwaleed bin Talal al-Saud

    Leahy questions $26M loan to Saudi prince for Ghana hotel

    Approval by an arm of the World Bank for a $26 million loan to build a luxury hotel in Ghana — a West African nation where 40 percent of the people live in poverty — was "not an appropriate use of public funds" and should not have received U.S. government support, the chairman of a Senate subcommittee that oversees the bank says.

The loan of $26 million from a World Bank branch to Saudi Prince Al-Waleed bin Talal for a luxury hotel in Ghana has drawn criticism.

    Saudi prince, worth billions, gets World Bank loan to build luxury hotel

    One of the world's richest men and a member of the Saudi royal family has received approval for a $26 million loan from a branch of the World Bank to build a luxury hotel in Ghana, a West African nation with a developing economy but where 40 percent of the people live in poverty.

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