A Role for the IFC in Integrating Environmental & Human Rights Standards into Core Project Covenants: Case Study of the Baku-Tbilisi-Ceyhan Oil Pipeline Project
Article from: OGEL 3 (2008), in Human Rights
Abstract
The purpose of this paper is to argue that the International Finance Corporation (the member of the World Bank Group responsible for financing private-sector projects) can and should require inclusion of commitments regarding sustainable development and human rights in the legal covenants that often govern large private-sector investments. The Baku-Tbilisi-Ceyhan Pipeline Project illustrates both the risk of States being pressured by foreign investors wishing to obtain government guarantees that insulate their investment from risk, and the potential role multilateral lending ...