Geneva, Switzerland, March 17, 2023 –The International Labour Organization (ILO) and the International Finance Corporation (IFC) plan to strengthen their collaboration to enhance the focus on social issues in Environmental, Social, and Governance (ESG) efforts related to private investments.
The enhanced partnership aims to promote decent private sector jobs and social inclusion in places that need it most. Relying on social standards, the priority themes include promoting gender equality in the workplace and addressing gender-based violence at work; supporting the creation of quality green jobs of the future and scaling up joint efforts to improve workers' conditions in supply chains.
"I am delighted that the IFC Managing Director has accepted to address the ILO Governing Body today. I am convinced that by working closer together, our organizations can lift working conditions in supply chains and contribute to sustainable development including in the most difficult contexts", said ILO Director-General, Gilbert F. Houngbo.
"In a complex and uncertain world, I am proud to call ILO one of IFC's most valued partners—and I know the best is yet to come for our two organizations," said Makhtar Diop, Managing Director of IFC, in the first address of a head of IFC to the ILO Governing Body, currently meeting in Geneva. "By leveraging our unique and complementary advantages, I know we will accomplish more together than we ever could alone."
The enhanced partnership will promote mutually beneficial capacity building for IFC/ILO staff, including through staff exchanges to share technical expertise across our institutions and by joint work on employment impact assessments. Technical ILO-IFC consultations will be held bi-annually.
The ILO and the IFC already collaborate on the Better Work Programme, a one-of-a-kind partnership among international organizations bringing together all levels of the garment industry to improve working conditions and respect of labour rights, and boost the competitiveness of apparel businesses. Since 2007, IFC and ILO have expanded the programme to 12 countries, 47 brands, and 2000 factories, improving working conditions for more than 5 million workers.
IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2022, IFC committed a record $32.8 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org.