Up to $40 billion is stolen from developing countries each year through bribery, misappropriation of funds and corrupt practices, the World Bank has said.

The bank is also concerned that poor countries lose enormous opportunities in the process as well as funds that could have been deployed for development programmes. It noted for instance that about $20 billion of the money could be deployed to finance 48,000 km of two-lane paved roads; first-line treatment for 120 million people with HIV/AIDS for a full year; or some 50 million water connections for households.

Ngozi Okonjo-Iweala, the bank’s managing director is further worried that such stolen funds are stashed in foreign banks, further worsening global corruption.

She urged world leaders to discuss the fight against corruption and asset theft as they convene at the G-20 meetings and other fora in the coming weeks to discuss the economic crisis, stimulus plans and financial regulation.

“Each year, through acts of corruption, developing countries lose billions of dollars that find safe haven in international financial centers,” she said, adding, “this enables and promotes the globalisation of corruption.”

Last week, corruption fighters from around the world convened in Paris to work against further plundering of poor countries, by supporting efforts against asset theft and safe havens for ill-gotten gains.

Christine Lagarde, France’s Minister for the Economy, Industry and Employment likened corruption to violence and barbaric acts, calling it an issue of ‘economic development’ that must be eradicated.