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Oil, Gas & Mining

Industries > Oil, Gas & Mining  > Development Impact 

Development Impact


Natural resources help countries earn revenues, attract investment and create jobs. They also help provide energy for millions of people around the globe.  At the same time, there are risks to natural resources’ contribution to sustainable development: weak governance, upheaval for local communities, and environmental degradation. We work with companies, governments, and local people to maximize benefits and minimize risks.

In supporting companies, IFC…

  • Finances projects that contribute to the long term economic growth of their host countries. 
  • Carefully evaluates investments to ensure that deals are corruption-free and fair.
  • Helps clients mitigate risks by operating within IFC’s Environmental and Social Performance Standards, which have been adopted by most of the world’s leading commercial banks as “Equator Principles”.
  • Helps clients develop their overall social and environmental management capacity.
  • Broadens the benefits of our clients’ projects by assisting with community development/health programs and widening the range of goods and services purchased from local suppliers.
  • Requires the publication of payments our clients make to governments (a requirement that is now serving as a model to other multilateral financial institutions).

In supporting governments our World Bank colleagues...

  • Advise officials on how to regulate the extraction of natural resources so that they support economic development.
  • Work to increase governments’ ability to effectively develop their natural resources.
  • Advise on environmental remediation
  • Advise on the extension of gas use and energy distribution
  • Read more about the work of our policy team here

IFC and World Bank are partners in Global Initiatives:

 

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