The International Finance Corporation (IFC), the branch of the World Bank Group that loans money to private corporations, announced a new policy that will require clients to obtain the free, prior, and informed consent of Indigenous communities that could be affected by their projects. Approved as part of an updated Sustainability Framework by IFC’s board of directors on May 12, 2011, the policy will take effect on January 1, 2012.
The Sustainability Framework’s Performance Standard 7 concerns Indigenous Peoples. The introduction states: