Background

IBEC has developed and adopted a methodology for mapping projects with the Sustainable Development Goals

The Board of the International Bank for Economic Co-operation has approved the criteria for the alignment of the Bank’s projects with the UN Sustainable Development Goals. The assessment of projects for alignment with the SDGs will be integrated into the decision-making processes on financing and investing in the bonds of corporations and financial institutions. All loan applications considered by IBEC will undergo an appropriate expertise.

As one of the strategic objectives IBEC Development Strategy until 2025 includes the implementation of projects and operations that are consistent with such Sustainable Development Goals as: Zero Hunger (SDG 2), Good Health and Well-being (SDG 3), Industry, Innovation and Infrastructure (SDG 9), Sustainable Cities and Communities (SDG 11) and Climate Action (SDG 13). The methodology approved by the Board is not limited to these priority Goals and covers all 17 UN Goals.

The introduction of a methodology for assessing projects in terms of their alignment with the SDGs will allow for a comprehensive impact assessment in terms of the Bank's contribution to the sustainable development of the economies of the IBEC member states.

Since there is still no unified and generally recognized methodology for such an assessment, the criteria developed by IBEC are based on the recommendations of the UN and best practices of the international development institutions and commercial banks. Each Goal is assigned a set of criteria that affect both sectoral areas of investment, as well as structural, environmental, and socio-cultural aspects. The criteria are developed taking into account the specifics of the IBEC activities and its focus on supporting foreign trade, which already now makes it possible to comprehensively assess the work of the Bank.

“By examining projects through the prism of the UN SDGs, we expect to be more in line with the civilizational challenges facing the world community and contribute to the solution of not only economic, but also humanitarian tasks with each of our projects, which are equally important for all member states of the Bank, for our partners and clients. This is especially important in the current turbulent international environment,” – said Denis Ivanov, Chairman of the IBEC Board.

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