IFC’s new Access to Information Policy (AIP) goes into effect on January 1, 2012, and supersedes the IFC Disclosure of Information Policy (April 2006). Through the new policy, IFC seeks to provide accurate and timely information regarding its investment and advisory services activities to its clients, partners and stakeholders.
For each proposed investment, IFC discloses relevant information pertaining to project, environmental and social implications, and expected development impact prior to consideration by IFC’s Board of Directors.
For investment projects, IFC discloses a summary of investment information (SII) and, if relevant, an environmental and social review summary (ESRS), depending on the risk category assigned.
For all Category A investments, disclosure occurs 60 days prior to Board discussion.
For all other investments, disclosure occurs 30 days prior to Board discussion.
In addition, IFC has special disclosure requirements for investments made through financial intermediaries.
For advisory services projects, IFC discloses a summary of Advisory Services Project Information (ASPI), within 60 days of approval of the project.
AIP’s Implementation Plan
AIP will go into effect on January 1, 2012 for all regions and will not be implemented retroactively on IFC’s portfolio of projects. From its effective start date, the policy will be applied to all investment and client-facing Advisory Services projects as follows:
For Investments with project concepts approved on or after January 1, 2012,
For Advisory Services with project implementation plans approved after January 1, 2012.
Project documents prepared by IFC before January 1, 2012, or delivered to IFC pursuant to agreements entered into before January 1, 2012, will continue to be subject to the disclosure policy in effect at the time of the agreement.
For investment projects, the implementation of the results disclosure component of the policy will be piloted in the Latin America and Caribbean (LAC) Region starting in January 2012 and will be phased in by region over a two-year period from the effective date of the policy. The regions to follow LAC will be South Asia, East Asia, Eastern Europe, and then all remaining regions. Lessons learned from the LAC pilot will be used to inform the implementation of the results disclosure component across the other IFC regions.
For advisory services projects with external clients, the results disclosure component of the policy will be implemented across all regions starting from the effective date of the new disclosure policy.