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ANZ reported half-year cash profits of $3.68 billion last week, a record for the Australian bank. Much of that growth has come in Asia, a market that the bank has pursued aggressively, generating extraordinary wealth for its investors.
Every year millions of people around the world are forcibly displaced from their land, homes and livelihoods to make way for large-scale development projects. Most often those who are forced to sacrifice their place on Earth for both public and private interests are amongst the poorest and most vulnerable people in society. They are thus the least equipped to cope with the challenges of physical, economic and social displacement and are as a result most often thrust into even deeper poverty and social exclusion. For development institutions such as the Asian Development Bank (ADB), which finance many displacement-causing projects in the name of fighting poverty, this problem poses an uneasy contradiction.