IFC Commits to Improved Transparency

The International Finance Corporation and the World Bank plaques on display at the side of their headquarters in Washington, D.C. Photo by: Addy Cameron-Huff / CC BY

The International Finance Corp., the World Bank’s private sector arm, has released its updated sustainability framework, which it says would strengthen its commitment to improving transparency and fighting climate change.

The framework covers IFC’s policies on environmental and social sustainability, performance standards and access to information. The updated version is a product of an 18-month consultation with stakeholders around the globe and was approved by the corporation’s board of directors on May 12. It will be implemented starting Jan. 1, 2012.

“The Sustainability Framework is a critical part of the way we do business at IFC and engage with our clients worldwide,” William Bulmer, IFC’s director for environment, social, and governance, said in an Aug. 1 press release. “In addition to supporting IFC’s own clients, the Performance Standards have become a global benchmark for sustainable business. We recognize this and have welcomed the very positive feedback from external stakeholders during our update process.”

IFC expects to release guidance notes and handbooks to help its clients comply with the new standards and develop ways to allow for real-time information sharing among its staff, clients and partners.

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    Eliza Villarino

    Eliza Villarino currently manages one of today’s leading publications on humanitarian aid, global health and international development, the weekly GDB. At Devex, she has helped grow a global newsroom, with talented journalists from major development hubs such as Washington, D.C, London and Brussels. She regularly writes about innovations in global development.