Our comments on IFC/MIGA’s proposed ‘Approach to Remedial Action’
Inclusive Development International submitted comments urging the World Bank Group members to substantially strengthen their proposed ‘Approach to Remedial Action’ for communities harmed by their investments, in line with international human rights standards. In February 2023, the International Finance Corporation (IFC) and Multilateral Investment Guarantee Agency (MIGA) of the World Bank Group published their draft […]
Joint CSO Statement Calls on IFC and MIGA to Strengthen its New Approach to Remedial Action Policy
Inclusive Development International joins an alliance of civil society organizations to assert that a newly released proposal on remedial action by the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA) falls short of expectations and fails to provide a comprehensive plan for delivering remedy to affected communities. If IFC and MIGA cannot […]
World Bank client backs out of EACOP after risk assessment
Britam Holdings, a leading East African insurance group and client of the World Bank’s International Finance Corporation (IFC), has decided not to participate in underwriting the planned East African Crude Oil Pipeline (EACOP) after conducting a review of the environmental and social risks involved. This is a major blow to project developers, including TotalEnergies and […]
Watchdog Slams World Bank Group for Helping Bankroll Philippines Coal Boom
MANILA, Philippines – The World Bank Group’s private lending arm, the International Finance Corporation (IFC), violated its own environmental and social protection policies as it helped bankroll a disastrous coal boom in the Philippines, according to an independent investigation made public today. In its report, the IFC’s internal watchdog, the Compliance Advisor Ombudsman (CAO), calls […]
Pengawas Bank Dunia akan meninjau proyek tambang Dairi Prima Mineral yang berisiko di Sumatra Utara
(Medan, Indonesia) Kantor akuntabilitas independen International Finance Corporation (IFC), yang merupakan anggota Grup Bank Dunia, akan menilai kepatuhan bank terhadap kebijakan lingkungan dan sosialnya sehubungan dengan keterkaitannya dengan proyek pertambangan kontroversial di Sumatra Utara, Indonesia, menurut laporan terbaru dari Penasihat Kepatuhan Ombudsman. Tambang seng dan timah usulan Dairi Prima Mineral, yang terletak di salah satu […]
World Bank watchdog to review risky Dairi Prima Mineral mine project in North Sumatra
(Medan, Indonesia) The independent accountability office of the International Finance Corporation (IFC), a World Bank Group member, will assess the bank’s compliance with its environmental and social policies in connection with its ties to a controversial mining project in North Sumatra, Indonesia, according to a new report from the Compliance Advisor Ombudsman. The proposed Dairi […]
New Guide For Making Accountability Mechanisms More Effective
The Good Policy Paper: Guiding Practice from the Policies of Independent Accountability Mechanisms, published today, is a roadmap for financial institutions setting up new independent accountability mechanisms (IAMs), as well as a tool for existing IAMs to evaluate the effectiveness of their current policies. The Good Policy Paper examines the policy provisions currently in place […]
World Bank’s Back Door Support for East African Oil Pipeline Imperils the Planet, Complaint Alleges
(Kampala) — Three organizations representing thousands of people in Uganda today filed a complaint against the World Bank for indirectly backing one of the world’s largest and riskiest oil developments. The planned East African Crude Oil Pipeline (EACOP) and Kabaale refinery, along with the associated development of oil fields on the shores of Lake Albert, […]
Over 200 civil society groups call for suspension of IFI loans to Myanmar following military coup
Inclusive Development International joined over 200 civil society organizations from Myanmar and globally in urging international financial institutions like the World Bank, International Finance Corporation and Asian Development Bank to immediately freeze loans and other financial assistance to Myanmar in light of the recent military coup. The statement calls on the international financial institutions […]
Bowing to public pressure, Rizal becomes first bank in Philippines to exit coal
Rizal Commercial Banking Corporation (RCBC) made the announcement after years of pressure from climate activists in the Philippines and an investigation of the bank’s practices by one of its most prominent shareholders, the World Bank Group’s International Finance Corporation. “[N]o more coal. I’ll say that slowly: no more coal,” said the bank’s president and CEO, Eugene Acevedo, at […]