ILO, IFC Collaborate for Social Impact

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by KnowESG
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The International Labour Organisation (ILO) and the International Finance Corporation (IFC) plan to strengthen their collaboration to enhance the focus on social issues in Environmental, Social, and Governance (ESG) efforts related to private investments.

The enhanced partnership aims to promote decent private sector jobs and social inclusion in places that need it most. Relying on social standards, the priority themes include promoting gender equality in the workplace and addressing gender-based violence at work; supporting the creation of quality green jobs for the future and scaling up joint efforts to improve workers' conditions in supply chains.

“I am delighted that the IFC Managing Director has accepted to address the ILO Governing Body today. I am convinced that by working closer together, our organisations can lift working conditions in supply chains and contribute to sustainable development, including in the most difficult contexts,” said ILO Director-General, Gilbert F. Houngbo.

"In a complex and uncertain world, I am proud to call ILO one of IFC's most valued partners—and I know the best is yet to come for our two organisations," said Makhtar Diop, Managing Director of IFC, in the first address of a head of IFC to the ILO Governing Body, which is currently meeting in Geneva. "By leveraging our unique and complementary advantages, I know we will accomplish more together than we ever could alone."

The enhanced partnership will promote mutually beneficial capacity building for IFC and ILO staff, including through staff exchanges to share technical expertise across the institutions and by joint work on employment impact assessments. Technical ILO-IFC consultations will be held bi-annually.

Featured Article: The Importance of Gender Equality in the Workplace and its Effect on your Business

The ILO and the IFC already collaborate on the Better Work Programme, a one-of-a-kind partnership among international organisations that brings together all levels of the garment industry to improve working conditions, respect labour rights, and boost the competitiveness of apparel businesses. Since 2007, the IFC and ILO have expanded the programme to 12 countries, 47 brands, and 2000 factories, improving working conditions for more than five million workers.

For more social and governance news

Source: ILO


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