Submitted by: International Finance Corporation
Posted: Sep 15, 2009 – 10:53 AM EST
WASHINGTON, Sep. 15 /CSRwire/ - IFC, a member of the World Bank Group, today begins a review and update of its standards on social and environmental sustainability and its disclosure policy, which are part of IFC's longstanding commitment to sound environmental management and social development.
The Policy and Performance Standards on Social and Environmental Sustainability and the Policy on Disclosure of Information came into effect on April 30, 2006. The review and update process will ensure that the standards and policy reflect lessons learned from the last three years of implementation as well as evolutions in the global environment. It also will give stakeholders the opportunity to provide their advice, comments, and guidance. The process should take about 18 months, leading to updated versions by January 2011.
"IFC is committed to being a leader in sustainable banking through a process of continuous improvement, and our stakeholders' views are critical in helping us adapt and remain relevant," said Greg Radford, IFC Director for Environment and Social Development. "Consultation is essential to ensure that our updated environmental and social management framework balances the expectations of all stakeholders."
Stakeholders will have the chance to participate in the review through various online channels and face-to-face sessions. These consultations will include regional workshops and outreach to communities directly affected by projects supported by IFC.
Bruce Moats, IFC Director for Corporate Relations, said, "It is especially important that we ensure those who are affected by our projects are adequately informed and consulted so that we can address their concerns and improve the development impact of our initiatives as well."
IFC has scheduled three distinct phases of consultations to solicit feedback and allow for comment on draft revisions to the Policy and Performance Standards on Social and Environmental Sustainability and the Policy on Disclosure of Information. The first round of consultations is scheduled to run from September 14, until November 13, 2009.
For more information or to participate in the review process, please visit www.ifc.org/policyreview.
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $15 billion in fiscal 2009, helping play a prominent role in addressing the financial crisis. For more information, visit www.ifc.org.
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