Eurasian Fund for Stabilization and Development presents new environmental and social policy project
YEREVAN, June 5. /ARKA/. The Eurasian Fund for Stabilization and Development (EFSD) has developed draft Environmental and Social Policy (ESP) and operational procedures for its implementation. The documents were presented during a meeting of the Multilateral Financial Institutions Working Group on Environmental and Social Standards.
The event, which was attended by representatives of more than 20 international financial institutions and development agencies, was held in the Philippines by the Asian Development Bank (ADB).
The EFSD Environmental and Social Policy project was positively assessed from the World Bank, the Asian Infrastructure Investment Bank and international experts.
The EFSD pays great attention to compliance with the principles of environmental and social responsibility, using approaches and requirements that meet the best international standards and are set out in the developed ESP.
The document includes 10 environmental and social project performance standards that define requirements for the conservation of biodiversity, prevention of environmental pollution, efficient use of resources, protection of public health and safety, ensuring occupational safety, full disclosure of information, preservation of cultural heritage, etc.
In addition, the Fund defined a list of activities and projects that cannot be financed. These are activities and projects that contradict the law or the obligations of the recipient of funds under international treaties, conventions and agreements. The EFSD, for example, does not finance projects that involve the use of forced and child labor, projects in the gambling business, as well as those involving the sale of weapons, ammunition, or alcoholic beverages.
“The developed environmental and social policy of the EFSD is in line with the most advanced global approaches and is harmonized with the environmental and social guarantee policies of other international financial organizations, which facilitates joint financing of projects. It is important to note that every year we see a growing understanding of the need to follow requirements in the environmental and social spheres in our countries, which allows us to respect the interests of both current and future generations,” said Olga Sosnina, head of the EFSD Strategic Planning, Policy and Standards Department.
The Eurasian Fund for Stabilization and Development (EFSD) is a regional financial mechanism with a volume of more than $9 billion, established in 2009 by Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia and Tajikistan. The goals of the EFSD are to promote economic and financial stability in the member states, as well as support sustainable development.
