IFC’s green claims ring hollow

Analysis of media reports on Indian projects financed by the World Bank arm

The World Bank's investing arm, International Finance Corporation (IFC), is
the largest multilateral source of loan and equity financing for private
sector projects in the developing world. With a portfolio of US $3.6
billion, IFC states India now forms its largest country of operation with a
total of 248 projects.

But are all these projects socially and environmentally sustainable? Not
really. Centre for Science and Environment (CSE), a Delhi-based non-profit,
found serious lapses in the environmental review process of IFC's projects,
contrary to the claims made during investment.

IFC claims that its policy check for environmental worthiness of the
recipient units ensures meeting its eight social and environmental
performance standards (PS), including PS # 3: pollution, prevention and
abatement.