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In the wake of the United States Supreme Court’s decision in Jam v. IFC, which centered around harm to farming and fishing communities caused by Tata Mundra, a coal plant financed by the International Finance Corporation (IFC). The IFC’s board has yet to release the final report. It must do so now.
Philippe Le Houerou, the Chief Executive of the IFC has announced his intention to step down in September. His legacy will include a significant effort to focus the work of the corporation on development impact and the world’s poorest countries. Le Houerou has had some success. But a look at IFC’s portfolio suggests how far the institution still has to go to have the biggest impact.
The participation of women in the Nigerian tech sector is low. In a survey of tech firms conducted by the ONE Campaign and the Center for Global Development, only about 30 percent were owned by women, mostly concentrated in e-commerce and enterprise solutions. Of women-owned firms, the median share of ownership is 20 percent. Tech firms do not employ many women either—31 firms in our sample employ no women at all. The median value is two female employees per firm.
International Finance Corporation CEO Philippe Le Houerou announced that the IFC’s board will undertake a review of its accountability mechanisms, including the office of the Compliance Advisor Ombudsman. The announcement is timely. By initiating a review, IFC’s Board is taking the first step toward a more transparent and accountable operating structure.
The Independent Commission for Aid Impact (ICAI) issued a report this week on the performance of CDC–the UK’s development finance institution–in low-income and fragile states. ICAI gives CDC an Amber/Red rating on its performance, which means “unsatisfactory achievement in most areas, with some positive elements.” In particular, the commission says that CDC has not done enough to monitor its performance.
Last week, the United States Supreme Court heard oral arguments in Jam et al v. International Finance Corporation. At stake: the extent to which international organizations including the IFC enjoy immunity from prosecution in US courts.
In November 2015, CGD published a report titled Unintended Consequences of Anti–Money Laundering Policies for Poor Countries. Today we release a follow-up to that report. Policy Responses to De-risking: Progress Report on the CGD Working Group’s 2015 Recommendations takes stock of accomplishments to date, notes where work remains, and recommends concrete actions for international institutions, governments, banks, and others to continue addressing de-risking.