New IFC/MIGA accountability review highlights risks of financial intermediary lending

Recourse, Oxfam and Inclusive Development International have submitted comments to the IFC/MIGA accountability review, backing its findings on the risks of financial intermediary lending and encouraging strong reforms.

The submission welcomes the review, stating “The recommendations provide a solid framework to build upon to continue improving and strengthening IFC’s accountability system,” and provides detailed comments on issues of disclosure, access to remedy, risk categorisation and others.

Recourse also joined 43 other civil society organisations in a submission welcoming the overall review. Calling it, “path-breaking in the field of development finance accountability, both in its thoroughness and its systems-level analysis” the joint submission urges the World Bank’s Board to endorse the review.