Washington, D.C., Aug. 16, 2004—International
Finance Corporation (IFC), the private sector arm of the World Bank Group,
is launching the public consultation phase for the update of its Environmental
and Social Safeguard Policies and a review of its Policy on Disclosure
of Information.
The Environmental and Social Safeguard Policy is to be recast as a Policy
on Social and Environmental Sustainability, including Performance
Standards. The review of IFC’s Policy on Disclosure of Information is
based on a Concept Paper, providing a framework for a new approach to disclosure
issues. The draft documents are available for review and comment
online at
www.ifc.org/policyreview
"We believe this process will improve IFC's effectiveness as a development
bank supporting private sector investments and help improve the social
and environmental performance of the projects we finance," said Peter
Woicke, Executive Vice President of the International Finance Corporation
and Managing Director for Private Sector Development of the World Bank
Group.
IFC will be consulting clients and other external stakeholders, including
partner organizations, governments, industry associations, the financial
sector and civil society, engaging with those participants who have an
active interest in social and environmental sustainability and disclosure
issues, and knowledge and experience of IFC's work on the ground.
The primary intent of the consultation is to determine whether the
new policies will enable IFC to fulfill its social and environmental objectives
and can be implemented by its clients. Regional consultation workshops,
stakeholder and thematic meetings and web-based feedback will be the main
means for stakeholders to engage in the process.
Over the next four months regional consultations are planned in Buenos
Aires for Latin America and the Caribbean, Manila for Asia, Nairobi for
Africa, and Istanbul for Eastern Europe, Central Asia and the Middle East.
Consultation meetings will also be held during the course of the
Annual Meetings of the World Bank Group.
Commenting on the consultations, Mr. Woicke states:
“The updating of our safeguards in the form of new Performance Standards,
and the review of our Policy on Disclosure of Information, are important
to the success of IFC’s mission. We want to raise the standards of accountability
and transparency for IFC and for our clients.”
Rachel Kyte, Director of IFC Environment & Social Development Department,
comments:
“This consultation process is critical in ensuring that the new Performance
Standards and IFC’s approach to disclosure will equip the corporation
with a clear and comprehensive risk management framework that underpins
the corporate commitment to sustainability. We hope that the practical
perspectives of clients and stakeholders will refine the policies
and support better partnership in the future.”
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