Transparency at the IFC | Bank Information Center: Monitoring the projects and policies of the World Bank, IMF and other international financial institutions


bicusa.org/IFCtransparency Transparency at the IFC Overview Background Updates Resources Contacts RSS Update \| 11 April 2012 Indonesian NGOs tell FIP team they "cannot accept the excuse of... technical difficulties" In a second open letter, Indonesian NGOs detail their needs so that an open dialogue can take place. Read more Update \| 22 March 2012 Indonesian NGOs frustrated with English-only draft of the Forest Investment Program The new Forest Investment Program promises to affect entire communities, and yet it's not being made available in a way that Indonesians can easily access, read, or comment on. Read more Update \| 27 April 2011 Corruption in Egypt should disqualify World Bank from U.S. recapitalization Beatrice Edwards of Government Accountability Project argues against the U.S recapitalization of the World Bank for 2012 in light of the Bank’s involvement in projects linked to corruption allegations. Read more Update \| 18 June 2010 Human rights (the World Bank way) Kirk Herbertson, Kim Thompson and Robert Goodland of the World Resources Institute ask why the World Bank Group – which is owned by the same governments that demanded a human rights policy at the EBRD – is hesitant to discuss human rights openly. Read more Update \| 2 June 2010 BIC's concerns and policy recommendations on IFC policies and Performance Standards In light of the International Finance Corporation's review of its Sustainability Policy, Performance Standards and Disclosure Policy, the Bank Information Center has outlined its major concerns and policy recommendations that it will be presenting to the IFC throughout the review process. BIC highlights the issues of extractive industries revenue and contract transparency; reporting on development outcomes; and the principle of free, prior and informed consent and broad community support for risky projects. Read more Update \| 30 March 2010 World Bank recapitalization update - “New world – same World Bank” The proposed capital increases for the World Bank and IFC would expand their size without expanding the scope of their reform. Read more Update \| 5 November 2009 DPLs now over half of World Bank lending: Gaping hole in transparency and accountability In 2009, Development Policy Operations increased dramatically as a percentage of overall World Bank lending, from an average of about 33% to over 50%. Dogged by concerns that stem from a lack of a strong set of safeguard policies or clear results, this shift to greater dependence on DPLs/DPOs raises concerns about arbitrage by Bank clients to soften or avoid transparency and accountability commitments. Read more Update \| 5 November 2009 World Bank recapitalization conditioned on reforms The World Bank is quietly preparing the first capital increase in nearly 20 years to replenish the coffers after unprecedented lending in 2008 and the coming two years. Read more Press Release \| 5 November 2009 IDB GCI consultation at early crossroads Guadalajara Civil Society Meetings in Guadalajara, Mexico open with increased demands for consultation process accountability, transparency guarantees. Good faith participation by CSOs rests on Bank decision to disclose and discuss a second draft of the proposed revisions to the Independent Consultation and Inspection Mechanism (ICIM). Read more Press Clipping \| 25 October 2009 Proinversión oks auction for hydroelectric energy purchase On October 12, the Agency for Promotion of Private Investment (ProInversión) approved contract bidding for purchase of energy from hydroelectric centers, which are expected to begin supply between 2013 and 2015, stated Executive Director Cayetana Aljovín. Read more Update \| 24 October 2009 BNDES has invested $4.8 billion in the beef processing sector BNDES has invested close to $R 5 bilion in the last two years as shareholders in the largest beef shippers, including JBS Friboi and Bertin. In Bertin alone, BNDES has purchased 27% equity position. Read more Press Release \| 6 October 2009 PRESS RELEASE: IFC launches civil society consultations in Istanbul Civil society has voiced concerns regarding the Bank’s social and environmental sustainability policies. Read more Press Clipping \| 13 August 2009 Irregularities with Camisea Gas In the midst of a possible energy crisis en Peru over the coming years, increasing criticism of exports of as much as half of the Camisea gas reserves requires greater attention Read more Press Clipping \| 6 July 2009 Chavez seen behind unrest in Peru: U.S. backed president pressured by protesters QUILLABAMBA, Peru \| A national strike by thousands of rain-forest Indians is spawning accusations of a proxy war involving Venezuela and an emboldened peasant movement seeking to undermine Peru's pro-U.S. president. Read more Update \| 16 June 2009 IFC withdraws loan from Brazilian cattle corporation, Bertin Just two weeks after the publication of Greenpeace's report "Slaughtering the Amazon" the IFC halts a $30 million payment to the Bertin corporation which was using the IFC loan to expand further into the Amazon. Read more Update \| 22 April 2009 IFC's role in Yemen mining Trends in the relationship between World Bank and IFC technical assistance policies and the IFC’s investment portfolio raise questions over possible conflicts of interest. Disclosure at the IFC remains opaque, making details of projects and policies hard to come by. Read more Update \| 20 February 2009 IFC approves offshore oil projects in Ghana despite serious outstanding concerns Civil society requests for a delay go unanswered as the project is approved in the absence of an environmental impact assessment and amid significant transparency and governance issues. Read more Press Release \| 27 October 2008 Six months after audit report IFC remains out of compliance at Karachaganak Six months after the Office of Compliance, Advisor/Ombudsman (CAO) of the International Finance Corporation (IFC) found the IFC out of compliance with its own regulations for toxic emissions at the Karachaganak Oil and Gas Condensate Field in western Kazakhstan, the case remains open with the CAO because the IFC has failed to bring into compliance significant failures in the IFC’s environmental monitoring of activities at the Karachaganak field. Read more Update \| 27 October 2008 IFC payment disclosures revisited The International Finance Corporation's (IFC) website on extractive industries government payment disclosure has made progress, but certain gaps in data availability remain. Read more Update \| 24 September 2008 Dramatic increase in World Bank loans to Europe and Central Asia The World Bank Group (WBG) loans to countries in Europe and Central Asia (ECA) increased by 30% between FY07 and FY08. Read more Update \| 19 September 2008 EBRD approves Pechora Energy Project in Komi Republic The European Bank for Reconstruction and Development (EBRD) has approved a US$50 million loan for expansion of oil and gas extraction operations in the Timan-Pechora basin of the northern Komi Republic in Russia. Various civil society groups have raised concerns of the major project's implications for the environment and the indigenous Komi-Izhemts people's rights. Read more Update \| 20 August 2008 Banks active in extractive projects in Russia’s Komi Republic IFI involvement in mining and oil projects in the Timan-Pechora basin raises environmental and social concerns. Read more Update \| 14 August 2008 Available company data for IFC required disclosures The International Finance Corporation (IFC) fails to provide adequate links to government payment disclosures by its extractive industry clients. Read more Country Update \| 4 June 2008 Azerbaijan Country Update #14 Recent developments, decisions, and civil society activities related to activities of the International Financial Institutions (IFIs) in Azerbaijan. Read more Country Update \| 4 June 2008 Kazakhstan Country Update #16 Recent developments, decisions, and civil society activities related to activities of the International Financial Institutions (IFIs) in Kazakhstan. Read more Country Update \| 4 June 2008 Kyrgyz Republic Country Update #5 Recent developments, decisions, and civil society activities related to activities of the International Financial Institutions (IFIs) in the Kyrgyz Republic. Read more Country Update \| 4 June 2008 Mongolia Country Update #2 Recent developments, decisions, and civil society activities related to activities of the International Financial Institutions (IFIs) in Mongolia. Read more Country Update \| 4 June 2008 Georgia Country Update #1 Recent developments, decisions, and civil society activities related to activities of the International Financial Institutions (IFIs) in Georgia. Read more Country Update \| 4 June 2008 Russia Country Update #1 Recent developments, decisions, and civil society activities related to activities of the International Financial Institutions (IFIs) in Russia. Read more Update \| 15 April 2008 IFC provides information on payments from extractive industry projects In response to requests from the Bank Information Center (BIC) and other civil society organizations, the International Finance Corporation (IFC) has begun providing links to where IFC extractive industry clients disclose their payments to host governments. Read more Update \| 22 August 2007 Independent evaluation finds over 40% of IFC projects fail to deliver development results The Independent Evaluation Group (IEG) of the International Finance Corporation (IFC), found that 41% of the IFC projects studied had low development ratings. IFC performed particularly poorly in Africa and Asia, where only half of its projects had positive development outcomes. In Africa, the quality of IFC work was particularly poor, rated as “high” in only 45% of projects, as compared to 68% in other regions. Read more Update \| 17 August 2007 World Bank Group fails to ensure revenue transparency BIC's new assessment reviews EI operations in more than 40 countries for the lending period of July 2005 to December 2006. Read more Update \| 23 February 2007 MIGA reviewing Social, Environmental and Disclosure Policies The World Bank's Multilateral Investment Guarantee Agency (MIGA) has posted draft policies for public comment until April 27, 2007. Read more Update \| 9 January 2007 New BIC Publication: Quick Reference Guide to Revenue Transparency at the IFIs BIC's Europe and Central Asia program has compiled an easy access source of information on International Financial Institution (IFI) disclosure policies and their weaknesses. Read more Update \| 18 November 2006 World Bank anti-corruption strategy: Work Plan and consultation process begin Work begins, in spite of lingering tensions Read more Update \| 15 March 2006 CAO Posts Comments on IFC Safeguards; Private Sector Review of Equator Principles Begins The Compliance-Advisor Ombudsman (CAO) released last week its comments on the January 25th drafts of the International Finance Corporation’s (IFC) Safeguards policies, which the IFC approved February 21, 2006. Following the IFC’s lead, a collection of private sector financial institutions intends to complete a review of their guiding policies on social and environmental issues, the Equator Principles. Read more Press Release \| 21 February 2006 Press Release: IFC's New Standards - A Risky Step for People and Planet Warning that the International Finance Corporation’s overhaul of its social and environmental standards relies too heavily on promises of good intentions, international civil society organizations have called the IFC’s new approach a risky experiment that could leave the people and environments affected by its projects more vulnerable than they were before. Also available in Spanish Read more Update \| 2 December 2005 BIC Submits Comments on International Finance Corporation Draft Policies These comments address transparency and consultation concerns with the draft IFC Disclosure Policy, Social and Environmental Sustainability Policy and Performance Standards. Read more Update \| 14 June 2005 Civil Society Guide to IFI Policy Reviews The IFI Policy Review Web page is a recent addition to the BIC website! This page is updated regularly to allow you to keep track of consultation documents, important dates, civil society analyses and more. Read more Update \| 6 April 2005 BIC recommends stronger transparency standards for IFC BIC submits comments on the IFC's Disclosure Policy Framework calling for strengthened disclosure principles, procedures and constraints; increased institutional transparency; and increased investment-specific transparency. Read more Update \| 24 January 2005 IFC revises timeline for public consultation of Social and Environmental Performance Standards and of the Disclosure Policy Read more Update \| 6 October 2004 26 NGOs decide not to participate in IFC’s Washington DC consultation In response to a rapid and substandard policy consultation process, 26 NGOs declined to participate in the International Finance Corporation’s (IFC) civil society meeting in Washington DC. Read more Update \| 16 September 2004 121 civil society members claim that IFC consultation process is “seriously flawed” Read more Update \| 16 September 2004 76 NGOs demand right to know about pollutants released from IFC projects A September 9 letter signed by 76 civil society and non-governmental organizations (NGOs) urges the IFC to protect communities that may be exposed to pollutants due to IFC-financed projects. Read more Update \| 7 September 2004 BIC Policy Update: Review of IFC social, environmental and disclosure policies This policy update introduces the ongoing policy reviews at the IFC, outlines the review process, and provides useful links to background documents. Read more Update \| 9 August 2004 IFC responds to NGO sign-on letter On July 6, 140 NGOs endorsed a letter to the IFC regarding the reviews of its environmental and social policies and standards. The IFC responds ... Read more Update \| 15 July 2004 140 NGOs call on IFC for clear rights, rules and responsibilities in policy reviews In a letter sent to the IFC, civil society groups are calling for a greater focus on human rights and transparency as the IFC begins to draft its safeguard and disclosure policy approach papers this month. Read more Update \| 10 June 2004 IFC responds to NGO concerns about disclosure policy review process A letter from the IFC notes that the IFC may move away from a “document-driven” policy to one that is based on transparency “principles” Read more Update \| 8 April 2004 NGO letter expresses concern with IFC disclosure policy review process Read more Print Email		Search Key Issues Access to Information at the World Bank Forests IFC Policies and Standards Review World Bank Energy Strategy Review World Bank Safeguards Review See also Transparency International Finance Corporation Stay Informed! Sign up for our e-newsletters. SignUp

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