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World Bank approves new safeguards for its lending projects

Xinhua, August 5, 2016 Adjust font size:

The board of the World Bank on Thursday approved new environmental and social safeguards for its financing projects.

The new framework made important advances in areas such as transparency, nondiscrimination, social inclusion, public participation and accountability, to improve development outcomes, said the World Bank.

The World Bank for the first time expanded protection to include comprehensive labor and working condition protection and community health and safety measures.

It also placed greater emphasis on the use of borrower framework and capacity building, with the aim of constructing sustainable borrower institutions and increasing efficiency.

"These new safeguards will build into our projects updated and improved protection for the most vulnerable people in the world and our environment," said World Bank President Jim Yong Kim.

The new safeguards are expected to go into effect in early 2018. Endi