The CAO's Safeguard Policy Review 2003 (SPR), of IFC's 1998 prompted the extensive revision of IFC's policies, practices, and systems for ensuring that social and environmental factors are given due consideration in IFC projects.
The purpose of the CAO's Safeguard Policy Review review in 2003 was twofold:
To assess the effectiveness and impact of the Safeguard Policies after three years of experience; and
To draw conclusions and make recommendations on the Policies and the IFC's system of application, which includes the environmental and social review procedures for project preparation and supervision but also encompasses much broader issues, such as assigning responsibility for environmental and social issues within IFC.
Following the 2003 CAO review, the IFC decided to update their Safeguard Policies. On February 21, 2006 the new IFC Environmental and Social Policy and Performance Standards and Disclosure Policy were adopted by the World Bank Group Board of Directors.
CAO provided independent commentary to IFC, the Board, the Board Committee on Development Effectiveness (CODE), and the World Bank Group President throughout the update process. These comments and reviews can be viewed below.
CAO 2003 Safeguard Policy Review Findings
The Policy/Performance Standards reinforce a shift in emphasis within IFC from compliance and avoiding harm, to value-added activities that lead to enhanced beneficial outcomes. This transition presents significant opportunities as well as risks to IFC, its clients, and affected communities. IFC must be able to demonstrate its activities, that a result in significant development benefits in a credible and transparent manner. IFC's success in managing the balance of benefits and risks will depend heavily on its processes and procedures. The full text of the CAO assessment can be found below.
Current Status of the Review
The new IFC Policy on Performance Standards on Social and Environmental Sustainability were adopted by the Board on February 21, 2006. The CAO's final comments can be viewed below.
See this page to download IFC's new Policy and Performance Standards on Social and Environmental Sustainability, Disclosure Policy, and Guidance Notes.
IFC External Website home page
This is the home page of IFC's external website which contains a great deal of information about IFC.
