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AfDB approves policy for victims of bank-financed operations - Punch Newspapers

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9/24/2021 10:39:00 PM

AfDB approves policy for victims of bank-financed operations - Punch Newspapers

The most widely read newspaper in Nigeria

24 September 2021The Board of Directors of the African Development Bank Group has approved a new policy framework for the Independent Recourse Mechanism.The IRM provides individuals or communities who are adversely affected by bank-financed operations with an independent mechanism through which they can raise their concerns.

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They can also seek redress and hold the bank to account for ensuring it complies with its policies and procedures related to sustainability.The new policy is aimed at strengthening accountability and providing more effective recourse to people affected by bank-financed operations.

According to a statement from the AfDB on Friday, the policy framework is the result of series of internal and public stakeholder consultations that began in December 2019.This process was part of the third policy review of the bank’s Independent Review Mechanism. headtopics.com

It further marked the first time that the IRM had engaged in such a comprehensive public consultation process.David Simpson, Director, Compliance Review and Mediation Unit, AfDB, said the new policy represented a significant step forward for the IRM.“The new policy framework restructures the complaints’ mechanism, to make it more accessible, efficient and predictable.

“It also simplifies the complaint process for users of the Independent Recourse Mechanism,while enhancing its transparency, and providing clearer guidelines for case management.”Stephanie Amoako, a Senior Policy Associate at Accountability Counsel, an international civil society organisation said: “The new accountability policy, if properly implemented, better serves the needs of communities across Africa.

” This is by removing barriers to access the IRM and creating a more equitable process for those using the mechanism.”Accountability Counsel supports communities adversely impacted by internationally financed projects.According to the statement, a new name accompanies the new policy as the Independent Review Mechanism will now be known as ” the Independent Recourse Mechanism.”

The new mechanism has been restructured, replacing the previous external experts panel model with a fully integrated unit that will now lead all problem-solving and compliance review functions.The new policy strengthens accessibility for complainants by allowing complaints to be filed by a single person. headtopics.com

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It enables the mechanism to advise communities on how to submit complaints if needed. Read more: The Punch Newspapers »

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