Siemens hands out $40m to help combat corruption

Engineering multinational Siemens has unveiled a raft of anti-corruption programmes that will receive funding under its $100 million (£64m, €76m) 'integrity initiative' to promote corruption-free markets.

The initiative is part of an agreement signed by the World Bank and Siemens in 2009 and follows a major corruption scandal that engulfed the German industrial giant in 2006, leading to the successful prosecution of a number of former executives last year.

Siemens is now dishing out an initial tranche of $40m to more than 30 projects in over 20 countries. Recipients of the cash were chosen after a bidding process that attracted interest from 300 non-profit organizations in 66 countries.

Most of the selected projects will focus on emerging markets, although there are initiatives in Italy and the US. The majority will involve partnerships between businesses, governments, civil society organizations and international bodies, focussing on raising awareness training executives in ways to counter corruption.

Among bodies to have been awarded money by Siemens is the International Business Leaders Forum, which will use a $1.5m grant to deliver anti-corruption programmes in Russia and China.

During the three-year project, IBLF's work will be managed locally in Russia by IBLF's branch office in Moscow, and in China by Renmin University in Beijing.