Global South

This paper provides a report to the Board on progress in implementing the Management Response to the reports of the Extractive Industries review and the World Bank Groups's own evaluations. It follows abn interim update to the Board in July 2005. The paper overviews key extractive industries (oil, gas, mining - EI) related developments in the last year, summarizes WBG activities in the sector in the year, and reviews specific progress in implementation of the MR.

Striking a Better Balance

Executive Summary

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Volume I:

The World Bank and Extractive Industries

The World Bank Group annonced in 2000 it would conduct a comprehensive assessment of its activities in the extractive industries sector (oil, gas, and mining production EI). This included, the Extractive Industries Review, an independent stakeholder consultation process headed by Dr. Emil Salim (former state Minister for population and Environment, Indonesia). Dr. Salims report produced a number of recommendation for the institutions future involvment in the sector.

Mr Philippe Maystadt
President
European Investment Bank
100, bd Konrad Adenauer
L-2950 Luxembourg

Re: World Bank Extractive Industries Review

Dear Philippe Maystadt,

The Extractive Industries Review (EIR) is an independent consultative process initiated by the World Bank Group (Bank) to consider the Banks future role in the oil, gas and mining industries. Friends of the Earth has been closely monitoring the EIR process since its inception. In November 2002, FoE released a Midterm Assessment of the EIR that described the most critical issues that had arisen during the first year of the Review, and assessed the key challenges that lay ahead in the coming year.

International financial institutions (IFIs) around the world have been asked in recent years to take on new policy issues, in an effort to improve their performance and transparency. Many have made a concerted effort to do so, although to mixed reviews. One important exception is the European Investment Bank (EIB), a secretive bank of the European Union (EU). When other IFIs are taking steps to address these policy issues, the EIB has shown the least amount of change.