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EDC and Disclosure: Letting the Sun Shine In: A submission to EDC consultations on disclosure, this report makes a case for increasing disclosure and bringing EDC under the Access to Information Act.
Summary of Recommendations for Disclosure:
- For all projects, past, current and future, EDC must be required to disclose project information, defined as name of the borrower, country, name of exporter, amount and type of financial support, term and a brief description of goods, services or project, on EDC’s website and in annual reports
For projects with known significant environmental, social or human rights impacts, EDC must be required to release project information, defined as name of the borrower, country, name of exporter and a brief description of goods, services or project, and environmental, social and human rights information collected, such as assessments and emergency response plans, at least 60 days before approval.
- The environmental and social assessments must be made available for projects with known significant adverse impacts in the local language at least 60 days prior to approval and made available at EDC offices in the region, as well as on the internet.
- For projects with potential significant adverse impacts, an environmental and social summary of the project must be released to the public via the internet at least 30 days before approval.
- EDC approval of a project must be contingent on agreement to recommendations 1-3.
- EDC must be brought under the purview of the Access to Information Act.
- EDC must disclose draft corporate policies for public comment and background documentation related to the development or revision of corporate policies, particularly those pertaining to areas of public interest such as disclosure, environment, social impacts and human rights.
- EDC must be required to conduct social, environmental and human rights assessments, using World Bank standards and methodology as a base, and to contractually oblige companies to implement assessment recommendations
All projects with known or potential significant environmental, social or human rights impacts must be submitted to the Board of Directors for approval.