13:17 - 24.09.2018

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September 24, Fineko/abc.az. The World Bank has presented its new Environmental & Social Framework for the partners in Azerbaijan.

The Baku-based WB office reports that the new rules were approved in August 2016 and will be applied to all Bank-realized projects starting from this autumn.

"The need to update environmental and social norms emerged a few years ago in order to comply with the policies of other international financial institutions, new challenges, the coverage of risks associated with climate change and the application of best practices. The new rules have been developed within 4 years after coordination with more than 60 countries," the WB office said.

The new rules imply the wider use of country systems. Borrowers will be able to propose relevant parts of their social and environmental legislation, and after that the WB will analyze the policy, rights and institutional framework of the borrower and make the appropriate decision.