IFC's Priorities in Oil, Gas and Mining

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Natural resources, including natural gas, copper, and iron ore can be significant generators of economic development when managed well.

Natural resources can help governments increase tax revenues and attract investment, and can bolster employment and infrastructure in remote and low-income areas. 

IFC works to support the sustainable development of oil, gas and mining projects in a way that mitigates risk and promotes long-term benefits for local communities. We work with companies, governments, and local people to maximize benefits and minimize risks throughout project life cycles. We also coordinate closely with the World Bank policy team that works with governments on oil, gas, and mining regulations and revenue use.

 

In supporting companies, IFC:

  • Finances projects that contribute to long-term economic growth in developing 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,
  • Requires the publication of payments clients make to governments—a requirement that is now serving as a model to other multilateral financial institutions, and
  • Broadens the benefits of projects by assisting with community development programs and widening the range of goods and services purchased from local suppliers. Read more about IFC’s Community Development Advisory, CommDev.

 

In supporting governments, the World Bank:

  • 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, and
  • Advise on environmental remediation, the extension of gas use, and energy distribution.

Read more about the work of the World Bank's policy team here.

 

IFC and World Bank are partners in global initiatives:

 

Transparency

IFC tracks the development results of all our active investments throughout their project lives. This systematic tracking allows us to monitor projects, learn from what does and does not work, and improve our performance. IFC discloses this information on a corporate basis to respect the sensitive nature of the information provided by specific clients.

Government Revenues

IFC Extractive Industry clients commit to disclosing payments

Contract Disclosure

IFC Extractive Industry clients commit to disclosing contracts