29 April 2017

...We have read IDI’s report and while we share concern for the communities negatively impacted by some of the projects mentioned, we find many factual inaccuracies in the report. As it has been communicated to IDI on numerous occasions during the report compilation, many of the sub-projects mentioned either pre-date or fall outside the scope of IFC's investment with the financial institutions (FIs) mentioned. In many other cases, the FIs have no exposure to the projects cited...

In leveraging our reach and scale through financial intermediaries, however, IFC cannot have the same level of oversight of the sub-projects supported by our FI clients as with our direct investments. But this work is a development imperative, and we are committed to supporting our clients and reducing the E&S risks in our portfolio. As part of this ongoing process, we are making some important additional improvements to the way we work, as our CEO, Philippe Le Houérou explains in his blog “Re-examining our work with financial institutions”...