By Kofi Ahovi
The International Financial Corporation (IFC), a member of the World Bank Group, has met with stakeholders from West Africa to discuss ways to strengthen its standards on environment and social sustainability.
The discussion, which took place in Accra, focused on ways to better address emerging issues that have reshaped the operating environment, such as climate change.
The consultation was part of a series of global consultations with academics, civil society groups, financial institutions, government, private sector representatives, and other resource persons to discuss way to improve IFC’s standards on sustainability.
Greg Radford, IFC Director for Environment and Social Development, explained that collecting views from a wide range of stakeholders was important because the changes to IFC’s standards are expected to have widespread d impact in the global financial community.
About 70 major financial institutions from around the world, including eight African banks, refer to the standards through the Equator Principle which set voluntary guidelines for determining, assessing and managing social and environmental risk in project financing.
He said “IFC is committed to being a leader in sustainable banking through a process of continuous improvement, and our stakeholders’ views are critical in helping us to adapt and remain relevant. Consultation is essential to ensure that our updated environmental and social management framework balances the expectations of all stakeholders.”
Mary-Jean Ndlovu, IFC Country Manager said “Updating IFC’s performance standards is important for Africa as it will help IFC continue to implement innovative projects that will enable the region to continue its sustainability economic growth. It is important to ensure that the people who are affected by our projects are adequately consulted so that we can address their concerns and improve the impact of our initiatives.”
Approximately 45 participants from Ghana, Liberia, Nigeria, South Africa, Uganda and the United States took part in the discussions.
The review and update process began in September 2009 and is expected to end in January 2011.
The International Financial Corporation (IFC), a member of the World Bank Group, has met with stakeholders from West Africa to discuss ways to strengthen its standards on environment and social sustainability.
The discussion, which took place in Accra, focused on ways to better address emerging issues that have reshaped the operating environment, such as climate change.
The consultation was part of a series of global consultations with academics, civil society groups, financial institutions, government, private sector representatives, and other resource persons to discuss way to improve IFC’s standards on sustainability.
Greg Radford, IFC Director for Environment and Social Development, explained that collecting views from a wide range of stakeholders was important because the changes to IFC’s standards are expected to have widespread d impact in the global financial community.
About 70 major financial institutions from around the world, including eight African banks, refer to the standards through the Equator Principle which set voluntary guidelines for determining, assessing and managing social and environmental risk in project financing.
He said “IFC is committed to being a leader in sustainable banking through a process of continuous improvement, and our stakeholders’ views are critical in helping us to adapt and remain relevant. Consultation is essential to ensure that our updated environmental and social management framework balances the expectations of all stakeholders.”
Mary-Jean Ndlovu, IFC Country Manager said “Updating IFC’s performance standards is important for Africa as it will help IFC continue to implement innovative projects that will enable the region to continue its sustainability economic growth. It is important to ensure that the people who are affected by our projects are adequately consulted so that we can address their concerns and improve the impact of our initiatives.”
Approximately 45 participants from Ghana, Liberia, Nigeria, South Africa, Uganda and the United States took part in the discussions.
The review and update process began in September 2009 and is expected to end in January 2011.
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