In 2004, the World Bank Group concluded a multi-stakeholder review of its support for extractive industries in the fight against poverty. The Bank had commissioned three independent reviews. All three reports concluded that extractive industries can contribute to poverty reduction if done right and that World Bank Group involvement can positively influence industry standards.
The Bank Group’s management responded to the three independent reports’ recommendations with reforms to better ensure that projects contribute to sustainable development.
Extractive industry investment projects now require disclosure of revenues.
Projects’ development impacts are tracked more thoroughly.
An advisory group has been established and reports of its meetings are made public, as are annual implementation progress reports.
A revision of the World Bank’s Indigenous Peoples policy was approved in 2006, reflecting Bank efforts to strengthen local community participation in EI projects.
IFC has updated its environmental and social performance standards also in 2006.
To help develop capacity among small and local companies and build expertise among local communities, IFC has set-up a Community Development Fund (www.commdev.org).
The World Bank’s oversight body, the Board of Executive Directors consisting of representatives for all member countries, asked the World Bank to continue investments in oil and coal as they are critical for many developing countries. One independent report had recommended terminating support for such projects over time.
World Bank Group
Extractive Industries Review Implementation Reports
Volume II: Stakeholders Inputs: Converging Issues and Diverging Views on the World Bank Group's Involvement in Extractive Industries (English / Spanish)
Volume III: Annexes Annex 1: EIR Background and Process Annex 2: World Bank Group in the Extractive Industries Annex 3: Industry's Views Annex 4: Civil Society's Views Annex 5: Governments' Views Annex 6: Views of Academia and International Organizations Annex 7: Literature Reviewed