Washington, March 20, 2025 — The IFC Board of Executive Directors approved IFC's Management Action Plan in response to an investigation of IFC’s investment in the Salala Rubber Corporation (SRC) conducted by the Compliance Advisor Ombudsman (CAO), IFC's independent accountability mechanism.
In 2008, IFC approved a US$10 million loan to SRC in Liberia to support the rehabilitation and expansion of a rubber plantation, creating jobs and boosting the local economy in a post-conflict setting. The loan was repaid in full and on schedule by SRC in March 2020.
CAO’s investigation responds to a 2019 complaint from Liberian non-governmental organizations, including Green Advocates International, on behalf of local communities living on and around SRC’s plantation. The investigation, completed in December 2023, documents non-compliance findings in relation to IFC’s assessment and monitoring of environmental and social risks and impacts of SRC’s operations. IFC’s Management Action Plan (MAP), which includes a community development program, aims to respond to the CAO recommendations. IFC will provide an update on the MAP’s progress to the Board within three months.
More information about this case, including the complaint, CAO Investigation Report, and IFC Management Action Plan, are available here:
Case Web Page - Liberia: Salala Rubber Corporation (SRC)-01/Margibi & Bong Counties:
https://www.cao-ombudsman.org/case/liberia-salala-rubber-corporation-src-01margibi-bong-counties
CAO Investigation Report:
https://www.cao-ombudsman.org/sites/default/files/downloads/CAOInvestigationReport-Liberia-SalalaRubberCorporation-Dec2023-ENG.pdf
IFC Management Report and Management Action Plan:
About CAO
The Compliance Advisor Ombudsman (CAO) is the independent accountability mechanism of the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA), members of the World Bank Group. CAO's mandate is to address complaints from people affected by IFC and MIGA projects in a manner that is fair, objective, and constructive, improve environmental and social outcomes, and foster accountability and learning to reduce the risk of harm to people and the environment. For more information, visit www.cao-ombudsman.org.
About IFC
IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2024, IFC committed a record $56 billion to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilizing private capital to create a world free of poverty on a livable planet. For more information, visit www.ifc.org.
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