The World Bank has adopted new guidelines for development projects, which wants to minimize the negative effects on people and the environment.
The new regulation was made after “the most detailed discussions” in the history of the World Bank, said bank president Jim Yong Kim on Thursday in Washington.
The regulation contains a new safeguard clause in favor of “the environment and the most vulnerable people in the world”.
Reformulation of regulations is a sort of recognition of the World Bank that their projects in the past have led to the displacement of people and damage to the environment.
Critics of international financial institutions have long claimed that their projects for financing the fight against poverty in some cases violate the human and labor rights and threaten the environment.
The new rules of the World Bank require the recipient country of a comprehensive social and environmental impact assessment of projects, guarantees for workers’ rights and avoiding environmental damage. Also excluded is moving people to a greater extent.