World Bank guid­ance notes for bor­row­ers open for com­ment

The Myanmar Times - - Local Business -

THE World Bank’s En­vi­ron­men­tal and So­cial Frame­work draft guid­ance notes for bor­row­ers is now open for pub­lic com­ment un­til De­cem­ber 15.

The En­vi­ron­men­tal and So­cial Stan­dards, which form an in­te­gral part of the World Bank’s new En­vi­ron­men­tal and So­cial Frame­work (ESF), set out re­quire­ments for bor­row­ing coun­tries re­lat­ing to the iden­ti­fi­ca­tion, as­sess­ment, and man­age­ment of en­vi­ron­men­tal and so­cial risks and im­pacts as­so­ci­ated with projects fi­nanced by the Bank through In­vest­ment Project Fi­nanc­ing (IPF).

The bank is pre­par­ing guid­ance notes for bor­row­ers as a re­source to help ex­plain re­quire­ments con­tained in the Stan­dards and pro­vide help­ful ex­am­ples. The guid­ance notes for bor­row­ers are not manda­tory. Projects and their po­ten­tial risks and im­pacts are con­text spe­cific.

The notes are in­tended to pro­vide help­ful ad­vice but do not sub­sti­tute for the ap­pli­ca­tion of pro­fes­sional ex­per­tise and the ex­er­cise of sound judge­ment in re­la­tion to any spe­cific project. The guid­ance notes for bor­row­ers will be re­vised from time to time and sup­ple­mented with ad­di­tional tools and re­sources, in­clud­ing tem­plates, check­lists and other ma­te­ri­als.

Com­ments can be sent to es­fim­ple­men­ta­tion@world­bank.org by De­cem­ber 15, 2017. The World Bank par­tic­u­larly wel­come com­ments that aim to im­prove the use­ful­ness of the notes in help­ing bor­row­ers im­ple­ment the stan­dards, tak­ing into ac­count the non-manda­tory na­ture of the guid­ance notes and the scope of re­quire­ments con­tained in the stan­dards.

The fi­nalised guid­ance notes are ex­pected to be is­sued in early 2018.

A high-level sum­mary of in­put re­ceived will be posted here to­gether with the fi­nalised guid­ance notes for bor­row­ers. A high-level re­sponse ma­trix will be pub­lished within three months.

About the ESF

The World Bank En­vi­ron­men­tal and So­cial Frame­work sets out the World Bank’s com­mit­ment to sus­tain­able de­vel­op­ment, through a bank pol­icy and a set of En­vi­ron­men­tal and So­cial Stan­dards that are de­signed to sup­port Bor­row­ers’ projects, with the aim of end­ing ex­treme poverty and pro­mot­ing shared pros­per­ity.

The ESF com­prises a vi­sion for sus­tain­able de­vel­op­ment, which sets out the bank’s as­pi­ra­tions re­gard­ing en­vi­ron­men­tal and so­cial sus­tain­abil­ity; the World Bank En­vi­ron­men­tal and So­cial Pol­icy for In­vest­ment Project Fi­nanc­ing, which sets out the manda­tory re­quire­ments that ap­ply to the Bank; and the En­vi­ron­men­tal and So­cial Stan­dards, to­gether with their An­nexes, which set out the manda­tory re­quire­ments that ap­ply to the bor­rower and projects.

The World Bank En­vi­ron­men­tal and So­cial Pol­icy for In­vest­ment Project Fi­nanc­ing sets out the re­quire­ments that the Bank must fol­low re­gard­ing projects it sup­ports through In­vest­ment Project Fi­nanc­ing. The En­vi­ron­men­tal and So­cial Stan­dards set out the re­quire­ments for bor­row­ers re­lat­ing to the iden­ti­fi­ca­tion and as­sess­ment of en­vi­ron­men­tal and so­cial risks and im­pacts as­so­ci­ated with projects sup­ported by the bank through In­vest­ment Project Fi­nanc­ing.

The Bank be­lieves that the ap­pli­ca­tion of these stan­dards, by fo­cus­ing on the iden­ti­fi­ca­tion and man­age­ment of en­vi­ron­men­tal and so­cial risks, will sup­port bor­row­ers in their goal to re­duce poverty and in­crease pros­per­ity in a sus­tain­able man­ner for the ben­e­fit of the en­vi­ron­ment and their cit­i­zens. The stan­dards will: (a) sup­port bor­row­ers in achiev­ing good in­ter­na­tional prac­tice re­lat­ing to en­vi­ron­men­tal and so­cial sus­tain­abil­ity; (b) as­sist bor­row­ers in ful­fill­ing their na­tional and in­ter­na­tional en­vi­ron­men­tal and so­cial obli­ga­tions; (c) en­hance non-dis­crim­i­na­tion, trans­parency, par­tic­i­pa­tion, ac­count­abil­ity and gov­er­nance; and (d) en­hance the sus­tain­able de­vel­op­ment out­comes of projects through on­go­ing stake­holder en­gage­ment.

Photo: Sup­plied

The World Bank’s En­vi­ron­men­tal and So­cial Frame­work draft guid­ance notes for bor­row­ers is now open for pub­lic com­ment un­til De­cem­ber 15.

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