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IFC Disclosure Glossary 

IFC Disclosure Glossary

The Disclosure Glossary provides definitions for IFC documents and other types of information produced by IFC.

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Environmental & Social Categories

environmental and social category is assigned to an investment project after appraisal and before public disclosure during the
IFC project/investment cycle.

Projects are assigned a category of A, B, or C, in descending order of environmental and social sensitivity, or FI, in the case of financial institutions that on-lend to clients who may present environmental and social concerns.

Category A projects require a minimum 60-day disclosure period. All other projects require at least 30 days.

Category A

Projects expected to have significant adverse social and/or environmental impacts that are diverse, irreversible, or unprecedented.

Category B

Projects expected to have limited adverse social and/or environmental impacts that can be readily addressed through mitigation measures.

Category C

Projects expected to have minimal or no adverse impacts, including certain financial intermediary projects.

Category FI

Investments in Financial Intermediaries that themselves have no adverse social and/or environmental impacts but may finance subprojects with potential impacts.

Environmental & Social Review Summary (ESRS)

For each proposed investment (other than investments expected to have minimal or no social and environmental adverse impacts, or investments in financial intermediary projects), IFC issues a brief summary of its review findings and recommendations; or an Environmental and Social Review Summary.

The ESRS includes the rationale for IFC's categorization of a project, a description for the main social and environmental risks and impacts of the project, and the key measures identified to mitigate those risks in a manner consistent with the
Performance Standards, and are accordingly included in the client's Action Plan.

IFC Policy & Performance Standards

In February 2006, IFC completed a rigorous process of updating the environmental and social safeguard policies used to ensure minimum standards of performance in all our investments.

Environmental and Social Performance Standards define clients' roles and responsibilities for managing their projects and the requirements for receiving and retaining IFC support.

Disclosure Policy defines IFC's obligations to disclose information about itself as an institution and its activities.

Glossary of terms: IFC Policy & Performance Standards

IFC Project Cycle or Investment Cycle

project (or investment) cycle illustrates the stages a business idea goes through as it becomes an IFC-financed project.
Summary of Proposed Investment (SPI)

An SPI summarizes the main elements of a project, including information on sponsors, shareholders, project cost, purpose of the project and environmental issues.

The SPI is disclosed to the public on this IFC Web site and in the
World Bank InfoShop no later than 30 days before the project is to be considered by IFC's Board of Directors. However, for a Category A project, the SPI is disclosed to the public no later than 60 days before the project is to be considered by the Board of Directors.

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