ENVIRONMENTAL ASSESSMENT IN MULTILATERAL DEVELOPMENT BANK INTERMEDIARY LENDING

Kelly Faubert (), Michel A. Bouchard (), Mark A. Curtis () and Gordon M. Hickey ()
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Kelly Faubert: McGill-United Nations Environment Programme, Collaborating Centre on Environmental Assessment, Department of Natural Resource Sciences, McGill University, 21,111 Lakeshore Road, Ste-Anne-de-Bellevue, H9X3V9, QC, Canada
Michel A. Bouchard: McGill-United Nations Environment Programme, Collaborating Centre on Environmental Assessment, Department of Natural Resource Sciences, McGill University, 21,111 Lakeshore Road, Ste-Anne-de-Bellevue, H9X3V9, QC, Canada
Mark A. Curtis: McGill-United Nations Environment Programme, Collaborating Centre on Environmental Assessment, Department of Natural Resource Sciences, McGill University, 21,111 Lakeshore Road, Ste-Anne-de-Bellevue, H9X3V9, QC, Canada
Gordon M. Hickey: McGill-United Nations Environment Programme, Collaborating Centre on Environmental Assessment, Department of Natural Resource Sciences, McGill University, 21,111 Lakeshore Road, Ste-Anne-de-Bellevue, H9X3V9, QC, Canada

Journal of Environmental Assessment Policy and Management (JEAPM), 2010, vol. 12, issue 02, 131-153

Abstract: A substantial portion of private sector investments in emerging market economies internationally is routed through the use of Financial Intermediaries (FIs). FIs act as important gateways for channeling the resources from large Multilateral Development Banks (MDBs), to micro, small and medium-sized (SME) projects and enterprises whose comparatively limited business portfolios would otherwise make them ineligible for funding. During a MDB's scoping, FI clients are classified into a unique Category FI, whereby the onus for Environmental Assessment (EA) is transferred from the MDB to the FI. Although EA guidelines exist, FI institutions often fail to adequately incorporate them in their sub-project review. This increases the potential for environmentally and socially harmful development decisions being made by the FI with financial resources originating from MDBs. This paper identifies the factors limiting the successful incorporation of EA in FI subproject financing, in an attempt to develop tools to assist MDB's and their FIs to attain compliance with local, national and international EA laws and regulations.

Keywords: International development; impact assessment; social responsibility; policy (search for similar items in EconPapers)
Date: 2010
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DOI: 10.1142/S1464333210003565

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