The World
Bank is a step closer to overhauling its policies and procedures as
part of efforts to transform the U.S.-based lender into a “solutions bank.”
The bank’s executive
directors endorsed Nov. 2 a document that consolidates policies
and procedures related to investment lending, the World Bank’s oldest and
most-used financing vehicle. The new consolidated policy, which takes effect in
2013, introduces changes such as the use in small states and fragile countries
of the bank’s rapid response option for natural disasters.
The new policy also drops the three-year limit for
additional financing, increases the funding limit for project preparation
advances and introduces more flexibility in the timing of annual audits.
Further, it revises and updates policy statements on economic analysis of
investment lending activities and approval procedures of multiannual and
multiphase investment lending projects.
Aside from these changes, the
document consolidates 35 existing policies that apply to investment lending. It
retains much of the content of the existing polices and procedure statements,
but simplifies language and presentation to address gaps, overlaps and
inconsistencies.
The new policy does not cover
procurement and environmental safeguard policies related to investment lending.
Those policies are being reviewed separately.
The introduction of the
consolidated policy is part of the bank’s broader effort to reform and update
all its policies and procedures.
“Consolidating our Investment
Lending Policy is an important step to make this instrument more effective for
the Bank’s range of clients,” said Joachim von Amsberg, World Bank vice
president for operational policy and country services. “This effort will help
our clients and staff focus more on problem solving, implementation, and
delivering results – and less on bureaucracy.”
As part of the World Bank
management’s next step following approval of the new policy, it will begin
updating the bank’s operational manual and conduct staff training sessions. It
is also set to ensure alignment of the new policy with new accountability and
decision-making frameworks and launch a communication and outreach campaign to
inform countries and clients about the new policy. The campaign will be led by
World Bank country directors.
Read more: >> ‘It is time for us to become a solutions bank’
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