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Washington, D.C., August 1, 2011
—IFC, a member of the World Bank Group, today disclosed its updated Sustainability Framework, which strengthens the Corporation’s commitment to critical issues such as transparency, climate change, business and human rights, and supply-chain management.
Originally adopted in 2006, the Sustainability Framework was updated during an 18-month consultation process with stakeholder groups in every region of the world. IFC’s Board of Directors approved the updated Sustainability Framework on May 12, 2011. It is being disclosed today as approved by the Board.
The Sustainability Framework consists of IFC’s Policy on Environmental and Social Sustainability, which defines IFC’s responsibility in supporting project performance; the Performance Standards, which define clients’ responsibilities for managing their environmental and social risks; and the Access to Information Policy, which articulates IFC’s commitment to transparency.
“The Sustainability Framework is a critical part of the way we do business at IFC and engage with our clients worldwide,” said William Bulmer, IFC Director for Environment, Social, and Governance. “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."
Bruce Moats, IFC Director for Corporate Relations, said, “Our new Access to Information Policy improves IFC’s transparency and accountability to our stakeholders. It will improve IFC’s ability to communicate about our development impact and how we manage risks associated with our projects and investments.”
The updated Sustainability Framework will become effective on January 1, 2012. As part of our implementation of the updated Sustainability Framework we will strengthen IFC’s capacity and systems, provide support through sustained client engagement, and continue to leverage IFC’s experience and knowledge through strategic partnerships with other institutions.
To view the updated documents of the Sustainability Framework, please visit
www.ifc.org/sustainabilityframework
. Arabic, Chinese, French, Portuguese, Russian, and Spanish translations of the framework will be posted as they become available. Updated guidance notes will be posted by the end of October 2011.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities—all while driving our investments to an all-time high of nearly $19 billion. For more information, visit
www.ifc.org
.
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