Summary of concerns on process and substance of the IFC's on-going review of its safeguard policies
Italian bank pulls out of IFC-backed oil pipeline in the Caspian
The previous draft policy on indigenous peoples failed to meet expectations of indigenous peoples and NGOs involved in the process. It was scrapped in 2002. The current revised draft has improved in terms of integrating some previous recommendations made by indigenous peoples but it remains riddled with legal loopholes and ambiguous definitions
One person was killed and ten were injured when the Guatemalan police and military took action to disperse protesters blocking a convoy of mining equipment destined for an IFC-funded gold mine.
The World Bank's board of directors recently approved an investment guarantee for the US$590 million West Africa gas pipeline (WAGP)
World Bank environmental and social safeguard policies have long been a subject of contention. The Bank has now begun to shift from "explicit, mandatory policies, to which it can be held accountable, to flexible principles or national standards, permitting the investor and/or the borrowing government to determine the project's social and environmental requirements". This is illustrated most clearly by the on-going reviews of the IFC's Safeguard Policies and World Bank's Country Systems.
More than 200 civil society organisations and socially responsible investors called on the International Finance Corporation (IFC), the private sector arm of the World Bank, to protect the interests of the poorest and the public when setting rules governing global private investment
In 1982 more than 400 Maya Ach
Civil society organisations globally have stepped up their campaign against the International Finance Corporation's process to overhaul its safeguard policies.
Civil society organisations have expressed alarm at the process recently launched by the International Finance Corporation (IFC) - the World Bank Group's private sector lending arm- to overhaul its safeguard policies.