MENA Civil Society Calls for Public Disclosure and Consultation on IFC’s Remedial Action Framework
On December 15, 2023, the Arab Watch Coalition, along with its regional partners from the MENA region, submitted a letter to the Committee on Development Effectiveness (CODE) of the World Bank Group. The letter urges the International Finance Corporation (IFC) to publicly disclose and consult on the updated Remedial Action Framework. This call represents a critical step in holding the IFC accountable and ensuring that decisions with far-reaching consequences are made with the utmost transparency and public input.
The proposed changes within this remedial framework carry weighty implications, potentially affecting countless lives and establishing a precedent for other investors.
Unfortunately, trust in the IFC has eroded significantly due to a persistent lack of transparency and a reluctance to address instances of misconduct. Against this backdrop, the need for open and transparent processes becomes more vital than ever.
By demanding public disclosure and consultation on the updated framework, the Arab Watch Coalition and its partners aim to achieve the following:
- Promote transparency and accountability: Transparency is essential for ensuring that the IFC operates ethically and responsibly. Public disclosure of the framework allows for public scrutiny and facilitates informed decision-making.
- Guarantee diverse perspectives: Input from various stakeholders, including civil society organizations and communities directly affected by IFC investments, is crucial for developing a comprehensive and effective framework.
- Build trust: Openness and willingness to engage with diverse perspectives can help rebuild trust in the IFC, which is fundamental for its long-term success.
Read the full letter here: Letter to CODE