IFC's secret waivers and deferrals leave affected communities in the dark
POLICYredteam/daily · 1 source
- Severity
- Low
- Sources
- 1
What happened
The IFC invested $120.6 million in TITAN Cement Egypt in 2010 to support a plant expansion near a residential area. An investigation concluded in 2019 found that the company lacked national environmental operating licences, a requirement the IFC had deferred under undisclosed provisions in a confidential agreement, and the IFC then decided to divest. The author says the IFC's waivers, limited ESAP disclosure and use of non-disclosure agreements keep project risks hidden from the public.
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Just Security