New IFC standards

WASHINGTON – The International Finance Corporation, the World Bank’s private-sector lending arm, on Tuesday said it had agreed to new environmental and social standards governing the private-sector projects it funds in developing countries.

After more than two years of debate, the IFC’s board passed measures changing the way businesses qualify for World Bank funding and injecting more flexibility into rules on consultations with local residents and assessments of the impact on the environment. The lender hailed the new guidelines as increasing the influence of local residents in developing countries over the lifetime of the projects, not just before they start, and said they also promoted sustainable use of natural resources.”We aim, with these new policies, to increase the development impact of projects in which we invest,” IFC Executive Vice President Lars Thunell said in statement.”We also seek to give companies operating projects in emerging markets the capacity to manage fully their environmental and social risks and to compete better in the global economy.”-Nampa-ReutersThe lender hailed the new guidelines as increasing the influence of local residents in developing countries over the lifetime of the projects, not just before they start, and said they also promoted sustainable use of natural resources.”We aim, with these new policies, to increase the development impact of projects in which we invest,” IFC Executive Vice President Lars Thunell said in statement.”We also seek to give companies operating projects in emerging markets the capacity to manage fully their environmental and social risks and to compete better in the global economy.”-Nampa-Reuters