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Conclusions: MIGA

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bank logo smallConclusions: World Bank

 

ifc globeConclusions: IFC

 

bank logo smallConclusions: World Bank Group

For a sample of MIGA projects, performance in meeting requirements and standards differed between Category A and B projects.

At Board approval, 73 percent of Category A projects and 83 percent of Category B projects met the requirements and standards for an acceptable Environmental Action Plan. At evaluation, 80 percent of Category A projects met MIGA's performance requirements in implementing the Environmental Action Plan, but only 63 percent of Category B projects did. This was mainly because MIGA environmental and social guidelines were not comprehensively addressed or Environmental Action Plans were not adequately implemented.

Although MIGA does not have an explicit business line to support environmentally beneficial projects, it can contribute to improved environmental quality by helping private sector clients demonstrate best practice and working with investors committed to "doing good."  

MIGA can promote environmental governance by ensuring that its clients establish and train staff to effectively implement environmental management systems. Given the increasing focus on the impacts of development on the environment, MIGA may also need to address issues of global environmental sustainability—by promoting environmentally beneficial projects, for example.

MIGA needs to continue to make progress in several areas.

These include fully implementing the harmonization of assessment and monitoring requirements of Category B projects with those of IFC; including environmental health and safety reporting requirements in Contracts of Guarantee; requiring investors to set up environmental management systems on a timely basis, as appropriate to a project cycle; and moving beyond safeguard compliance to promote sustainability. MIGA's new Policy and Performance Standards are consistent with these remaining concerns. IEG is supportive of MIGA's formal incorporation of social and environmental sustainability in its core business and recognizes that the real challenges lie in the implementation of the 2007 policies.




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