…In Foreign Bribery.
Â
Â
As OECD notes,
The most widely accepted estimate of global bribery puts the total at around USD 1 trillion each year (World Bank, 2004). In the developing world, bribery amounts to around USD 20 billion to USD 40 billion a year – a figure equivalent to 15-30% of all Official Development Assistance (World Bank, 2007).Â
Corruption in awarding business contracts has social, political, environmental and economic costs which no country can afford. Serious consequences result when public officials take bribes when awarding contracts to foreign businesses for public services such as roads, water or electricity. A USD 1 million dollar bribe can quickly amount to a USD 100 million loss to a poor country through derailed projects and inappropriate investment decisions which undermine development.
