Over 200 civil society groups call for suspension of IFI loans to Myanmar following military coup

Inclusive Development International joined over 200 civil society organizations from Myanmar and globally in urging international financial institutions like the World Bank, International Finance Corporation and Asian Development Bank to immediately freeze loans and other financial assistance to Myanmar in light of the recent military coup.   The statement calls on the international financial institutions […]

Bowing to public pressure, Rizal becomes first bank in Philippines to exit coal

No Coal

Rizal Commercial Banking Corporation (RCBC) made the announcement after years of pressure from climate activists in the Philippines and  an investigation of the bank’s practices by one of its most prominent shareholders, the World Bank Group’s International Finance Corporation. “[N]o more coal. I’ll say that slowly: no more coal,” said the bank’s president and CEO, Eugene Acevedo, at […]

Open letter to World Bank President Malpass on selection of the next CAO Vice President

Dear President Malpass,  We, the undersigned organizations, write with regards to the selection of the next Compliance Advisor Ombudsman (CAO) Vice President.  As civil society organizations working to support people affected by IFC and MIGA projects around the world, we appreciate your commitment to ensure that the CAO is a robust, responsive and independent accountability […]

Saying no to coal: IFC’s new Green Equity Approach unveiled

No Coal

The World Bank’s private lending arm has unveiled its new approach to greening equity investments in financial institutions.  The International Finance Corporation (IFC) says it will end equity investments in financial institutions that do not have a plan to phase out investments in coal-related activities.  The “30 by 30 Zero Program” aims to help the banking […]

Realizing the right to an effective remedy: Joint Submission on the External Review of IFC/MIGA Accountability

Inclusive Development International has submitted Joint Comments on Realizing the Right to Effective Remedy within the IFC/MIGA Accountability Framework to the World Bank Group’s Board of Directors.    The comments, which we prepared along with Accountability Counsel, Bank Information Centre, Center for International Environmental Law and the Arab Watch Coalition, were submitted in response to a public […]

Opinion: Why is IFC contributing to poverty in Guinea? | Devex

While most of the world was sheltering in place due to the COVID-19 pandemic in March, a hundred families were uprooted from their lush, centuries-old village in western Guinea and relocated to a barren hilltop to make way for a sprawling bauxite mine, backed by the International Finance Corporation. Residents of the Hamdallaye village say the Compagnie des Bauxites […]

Joint Call for Greater Transparency and Consultation in the IFC/MIGA Accountability Review

(October 25, 2019) – Inclusive Development International and 74 global partners submitted a joint statement to the World Bank Group’s Board of Directors, expressing concerns about the lack of transparency and external stakeholder engagement in the accountability framework review of the International Finance Corporation (IFC) and Multilateral Investment Guarantee Agency (MIGA).

Watchdog to investigate World Bank Group’s opaque support for coal expansion in Philippines

The International Finance Corporation’s independent watchdog has announced that it will launch a compliance investigation into the World Bank Group member for its investments in a commercial bank in the Philippines that bankrolled the country’s recent coal power boom. After receiving $254 million in IFC funds, Rizal Commercial Banking Corporation became a key financier of […]