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African Development Bank Updates Its Integrated Safeguards Systems | African Development Bank

Diplomat.Today

The African Development Bank

2023-04-27 00:00:00

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The Board of Directors of the African Development Bank approved updates to the institution’s Integrated Safeguards System (ISS) on April 12, 2023. Among other changes, the revision clarifies the bank’s roles, responsibilities and accountability to borrowers and customers.

The updates will align the bank more closely with its peers on community health and safety, gender-based violence, and stakeholder involvement in high-risk operations.

Other improvements include strengthening provisions on environmental and social requirements for value chains. Processes for resettlement financing as part of the overall project cost and the eligibility of borrowers for bank financial support have also been clarified.

The renewed ISS would enable the bank to achieve its strategic goals more sustainably and holistically. In addition, it contains answers to challenges experienced with the current ISS. These include the context of fragile and conflict states and the inclusion of pragmatic and risk-based approaches to addressing environmental and social risks, impacts and opportunities throughout the lifecycle of bank-supported operations.

The Board approved the first version of the ISS in 2013 and the process for the latest update started in early 2019, with an independent review and wide consultation with internal and external stakeholders in the Bank’s regional Member States and non-regional partners.

The updated ISS is expected to come into operation in the first quarter of 2024.

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Source

www.afdb.org

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