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Societies may differ in their views as to what constitutes corruption, although the concept finds universal manifestations. Experts have different perspectives on the meaning, causes and effects of this universal phenomenon. While a few take an inter‐disciplinary approach, positions are more often influenced by the respective discipline. The literature on the subject is vast and diversified. Any attempt to summarize it here would not do it justice. It may be useful, however, to begin this paper by sharing with the reader some of the main findings based on that literature.

‘It is a terrible thing,’ says the heroine of a Jhabvala novel, ‘bribery and corruption … but what can a few honest people do when it is so deeply rooted in political life?’ This is a question that has plagued good citizens everywhere, but especially so in the developing and the economic transition countries. Until recently, it was a question that few would dare to utter in public places.

The birth of the African Capacity Building Foundation on February 9, 1991, was the culmination of intense efforts and groundbreaking commitment to capacity building in Africa by Africa Governors of the World Bank, the Bank itself and the cofounding Institutions ‐ the African Development Bank and the United Nations Development Program, as well as numerous other individuals. The successes chalked by ACBF towards attainment of its objectives have vindicated those who held the view that establishing an indigenous African institution, with focus on and commitment to the course of Africa’s development was the right course of action at the time. Twenty years on, ACBF has supported nearly 250 projects and programs in 44 African countries and committed more than US$400 million to build capacity on the continent. Projects and programs supported by the Foundation have drawn synergy with and complemented countless other activities of various development institutions operating on the Continent. ACBF’s support has been crucial in the building of development capacity in Africa, whether in ministries of finance and economic planning or central banks. For many among us who dedicated to this initiative and worked towards its realization, we remain humbled by the opportunity to witness the twentieth anniversary of ACBF.

The World Bank established the Multilateral Investment Guarantee Agency (MIGA) in 1985 as the first truly global agency which insures foreign investments against political risks. MIGA is now in its fifth full year of operations and has been more successful than originally forecast. This paper will discuss the formation of MIGA and includes an analysis of its operations to date. When appropriate, comparisons will be made between MIGA operations and those of the U.S. investment insurance agency, OPIC, the Overseas Private Investment Company, as well as private market insurers. Selected cases of MIGA guarantees are discussed in the paper.

Purpose: This paper discusses some of the contending issues in the legal environment of business in Sub‐Saharan Africa (SSA) as they relate to Foreign Direct Investment (FDI). Given that ‘fear of national laws’ has been consistently cited as a major factor inhibiting foreign investments in the region, this paper argues that ‘arbitration/alternative dispute resolution’ (A/ADR) offers a strategically complementary adjudicative system to mitigate this adverse perception. Design/methodology/approach: Based on a synthesis of the literature, the paper, first, outlines the emerging A/ADR‐driven trends in global business. From this premise, it focuses the market transition challenges facing SSA and identifies the disparate regional legal systems, with their backgrounds and origins in common, civil and Islamic laws, as primary issues of concern. Findings: Apart from lacking uniformity in application, the legal strictures have made the resolution of legal and contractual obligations much more cumbersome and expensive, thereby discouraging significant FDI flow to SSA. Research limitations/implications: The need to secure the confidence of investors by reforming the law and the adjudication process appears compelling. However, the socio‐cultural considerations that should naturally embed effective arbitral protocols are not addressed in this paper. Originality/value: A/ADR mechanism is not presently a key feature in the legal environment of business in SSA. However, it is likely to prove a more functional adjudication process than the procedural formalities of litigation. By its characterization, this approach promotes the creative implementation of a “home‐grown” frame work for commercial dispute resolution, thus avoiding the drudgeries of litigation but at the same time providing the needed catalysts for enabling FDI.

Most of the literature on the World Bank struggles to understand precisely how effective are the Bank’s projects and policies, emphasizing at the same time as reaffirming certain universal parameters with which to measure the good and the bad. This article, by contrast, argues for a different way of seeing the World Bank, that is, for scholarship that interrogates the political rationalities which underlie these distinctions and categories and which make these parameters and measures viable, necessary, and enduring. Indeed, most writings – including the innumerable self‐evaluations carried out by the Bank – simultaneously note the enormity of the Bank’s past misdeeds as well as its unique position as the only global institution up to the monumental task of translating global truths into global plans of action. Because of its unique role as the global development expert, the Bank is always two steps ahead of the pack, always re‐assessing and re‐tooling for improvement in ways that most national and international institutions cannot. Who else can respond so quickly to catastrophes around the globe – appearing one month in Thailand, the next in Argentina, and, in a bomb’s flash, in Afghanistan and Iraq? In a world in which global crises routinely erupt and “require” global experts of development to resolve them, the Bank and its affiliates in the World Bank Group have no rivals. But, rather than ask why the Bank’s responses are ultimately insufficient or flawed, we must first ask how problems get defined in terms of global crises and their solutions in terms of global development institutions in the first place? How did these ideas and institutions become so influential? What power dynamics do they embody?