The EFSD presents a draft of its new Environmental and Social Framework at a working meeting of multilateral financial institutions
Moscow, 5 June 2024. The Eurasian Fund for Stabilization and Development (EFSD) has drafted an Environmental and Social Framework (ESF) along with operational procedures for its implementation. These documents were presented at a meeting of the Multilateral Financial Institutions’ Working Group on Environmental and Social Standards. The event, hosted by the Asian Development Bank (ADB) in Manila, Philippines, brought together representatives from over 20 international financial institutions and development agencies.
The draft Environmental and Social Framework of the EFSD has already received positive assessments from the World Bank, the Asian Infrastructure Investment Bank, and international experts.
The EFSD is committed to upholding principles of environmental and social responsibility, using approaches and requirements that meet the highest international standards as outlined in the Fund’s ESF.
This document includes ten environmental and social standards for project implementation. These standards cover requirements for biodiversity conservation, pollution prevention, resource efficiency, public health and safety, occupational safety, full disclosure of information, and the preservation of cultural heritage, among others.
Additionally, the Fund specifies activities and projects that are ineligible for funding. These include activities and projects that violate legislation or the recipient’s obligations under international treaties, conventions, and agreements. For example, the EFSD does not finance projects involving forced or child labor, gambling, the trade in arms and ammunition, or the trade in alcoholic beverages.
“The Environmental and Social Framework developed by the EFSD aligns with the best global approaches and is harmonized with the environmental and social safeguard policies of other international financial institutions, facilitating project co-funding. Importantly, every year we see a growing awareness in our countries of the need to comply with environmental and social requirements, which allows us to respect the interests of both present and future generations,” said Olga Sosnina, Head of the EFSD Department of Strategic Planning, Policy and Standards.
The Eurasian Fund for Stabilization and Development (EFSD) is a regional financial arrangement totaling US $9 billion, established in 2009 by the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan. The EFSD aims to promote economic and financial stability in its member states and support their sustainable development.
The EFSD Press Service: