Consultation on the proposed IFC/MIGA Approach to Remedial Action

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As part of the ongoing efforts to strengthen IFC’s environmental and social accountability, IFC and MIGA have developed a Remedial Action Framework centered around four main components: prevention, preparedness, access to remedy and contribution to remedial action. On April 3, the IFC and MIGA Boards approved a three-year interim approach to the framework:

The IFC/MIGA Interim Approach to Remedial Action

IFC/MIGA are first among development finance institutions to articulate such a framework. Accordingly, IFC’s process of developing the framework has incorporated expertise from academic literature, international financial institutions, companies, and on-the-ground service-providers. It reflects feedback gathered in public consultations, the outputs of which are described below. It also builds on the robust foundation of the IFC/MIGA Sustainability Policies and Performance Standards and the CAO Policy, which set out clear roles and responsibilities for IFC/MIGA and their clients.

 

Public Consultation

(February 21 – April 20, 2023)

Formal events during the public consultation period included the following:

  • February 28, 2023: 9am EST: Informational Session: The session briefed stakeholders on:
    • An overview of the consultation process and the timeline
    • Proposed IFC/MIGA Approach to Remedial Action:
      • Background, context, and process for the development of the Approach to Remedial Action
      • Key elements of the Approach to Remedial Action
      • Next steps and pilot period
    • Draft IFC responsible exit principles
  • Consultation Meetings:
    • The following meetings took place and were open to all stakeholders:
      • March 3, 9:00am EST, Hybrid, Location: IFC, Washington, DC (English)
      • March 16, 2:00pm UTC, Virtual (French)
      • March 23, 2:00pm UTC, Virtual (English)
      • March 29, 8:30am IST / 10:00am ICT, Virtual (English)
      • March 30, 11:00am UTC+2, Virtual (Arabic)
      • April 4, 10:00am EDT, Virtual (Spanish, with Portuguese Interpretation)
  •  Invite-only meetings also took place for the following stakeholder groups:
    • IFC/MIGA clients (Report);
    • Independent Accountability Mechanisms (Report); and
    • Development Finance Institutions (Report).

 

Last updated: April 2025