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Environmental and Social Policy Revision

INTRODUCTION

The Overseas Private Investment Corporation (OPIC) is proposing revisions to its “Environmental Handbook” to insure that the public is aware of policy requirements that OPIC applies to projects seeking OPIC support.  These policies are based on statutory requirements found in the Foreign Assistance Act and specific policy commitments made by OPIC with respect to environmental and social policies and procedures.

The current version of the Handbook has been in effect since April 1999 and was last updated in 2004.  In the intervening period environmental and social impact procedures have evolved, standards for managing environmental and social risk have converged in global financial markets, and OPIC stakeholders have made suggestions on how to increase transparency, accountability and facilitate the receipt of information from the public during  the project review and monitoring processes.  The proposed revisions to the Handbook, now renamed the OPIC Environmental and Social Policy Statement, grew out of these welcome inputs.

During the forthcoming 60 days, beginning on January 19, 2010 OPIC will seek comments from a broad range of public stakeholders through this website.  Within 60 days after the close of the comment period OPIC will publish a summary of all comments made, its response to the comments and a final version of the revised Environmental and Social Policy Statement.  Should there be in OPIC’s view, sufficient widespread interest among stakeholders in further dialogue, OPIC will schedule stakeholder meetings during or after the comment period.  Based on this timetable, it is anticipated that the revised Environmental and Social Policy Statement will be fully applicable to all applications received after May 20, 2010.

The proposed Environmental and Social Policy Statement provides investors, lenders and project sponsors notice of the general environmental and social requirements that OPIC applies, as appropriate, in evaluating prospective projects seeking OPIC support and monitoring on-going OPIC-supported projects.  Key changes proposed include the following:

  • The proposed Policy Statement adopts, as a benchmark for the environmental and social review process, the International Finance Corporation’s Performance Standards on Social and Environmental Sustainability and Industry Sector Guidelines.  In those areas in which current OPIC policies may be more rigorous, the Policy Statement retains the current OPIC policy.
  • The proposed Policy Statement provides guidance on social development issues such as consultation with affected communities, project level disclosure, resettlement, indigenous people and cultural heritage that had not been explicitly addressed in the current version of the Environmental Handbook.
  • The proposed Policy Statement provides additional details on tailored review approaches that OPIC has adopted with respect to projects involving health care and those projects implemented through Financial Intermediaries.
  • The proposed Policy Statement codifies those elements of OPIC’s public disclosure process that relate to environmental and social impact.
  • The proposed Policy Statement describes major efforts undertaken by OPIC to reduce climate impact of U.S. overseas investments supported by OPIC.

COMMENT SUBMISSION

Comments may be submitted by using the online form or sent to OPIC by mail, email or fax.
Dates:  Comments must be received on or before March 22, 2010.

Address:  Comments should be submitted to Ms. Mary Boomgard, Office of Investment Policy, Overseas Private Investment Corporation, 1100 New York Avenue, N.W., Washington, DC 20527

Privacy Policy:  The comments that you provide to OPIC are collected voluntarily and will be publicly disclosed on OPIC’s website.  By providing comments you are consenting to their use and consideration by OPIC.  For additional information regarding submitting comments containing confidential business information, please contact OPIC directly.  For additional information regarding OPIC’s Privacy Policy click here.

For Further Information:  Contact Mary Boomgard by telephone at (202) 336-8732, by facsimile transmission at (202) 218-0193 or via e-mail at eia@opic.gov.

ONLINE COMMENT FORM

 Click here to access the Online Comment Form

DRAFT ENVIRONMENTAL AND SOCIAL POLICY STATEMENT 

Click here   to read the Draft Environmental and Social Policy Statement

PUBLICATION OF COMMENTS RECEIVED

No comments have been received at this time.

OPIC RESPONSE TO COMMENTS RECEIVED

No response to comments received at this time.