IFC provides information on payments from extractive industry projects

15 April 2008 | Washington, DC

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.

The International Finance Corporation (IFC) had adopted a policy in 2006 requiring that, beginning January 2007, all IFC-financed extractive industry projects would report information on payments to host governments.

In January 2008, BIC issued a report criticizing the implementation of the IFC requirement. It reported that the web sites of IFC clients did not disclose accessible and transparent data on payments to governments, and that they did not respond to BIC’s requests for such information. The BIC report called on the IFC to publish the information. 

The new IFC web page identifies the location of data for four IFC clients who have already reported and provides estimated dates for future disclosures. As noted on the IFC's Oil, Gas, Mining & Chemicals Division website, most of their clients have not yet disclosed their payments since they have just completed their 2007 fiscal years. Where this is the case, the IFC has indicated expected date of disclosure. IFC officials noted in a recent meeting with BIC and other civil society organizations, that the site would be updated in July of each year so that companies' audited financial information is reflected in the data.

IFC Extractive Industry Clients Government Payment Disclosure (International Finance Corporation website)