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21 Apr 2023

IFC/MIGA urged to substantively strengthen proposed 'Approach to Remedial Action' in line with international standards

In October 2022, the International Finance Corporation (IFC) and Multilateral Investment Guarantee Agency (MIGA) of the World Bank Group published their draft Approach to Remedial Action. A corresponding public consultation, focusing on the proposed remedy approach but also addressing the IFC responsible exit principles, took place from 21 February to 20 April 2023.

Various civil society and other organizations including the UN Human Rights and CAO offices made submissions and released public statements, urging IFC and MIGA to substantively strengthen the approach. While organizations welcomed the IFC's recognition that remedial action is a fundamental aspect of its mission and mandate, they raised several points of criticism and called for a much more ambitious and effective remedy approach for it to be in line with the international human rights and responsible business conduct standards. Moreover, thousands of people from across the world signed a petition urging the IFC to guarantee justice for communities harmed by international development projects.

Since the IFC does not publish submissions to this consultation, Business & Human Rights Resource Centre has been collecting some of them below, along with civil society statements and petitions.