In mid-2024, the International Finance Corporation (IFC), part of the World Bank Group, signed a landmark Memorandum of Understanding with the IFRS Foundation to strengthen sustainability and CSR reporting, particularly in emerging markets and developing economies (EMDEs). The strategic partnership aims to improve transparency and accountability by promoting consistent application of IFRS Sustainability Disclosure Standards in these regions. The collaboration involves capacity-building programs, technical assistance, development of educational toolkits, and tailored support to help jurisdictions adopt the IFRS Foundation’s global CSR and climate-related standards. Initiatives already underway include successful projects in Bangladesh and Jordan, focusing on raising awareness and improving local reporting practices. This partnership reflects growing global recognition that high-quality CSR disclosures are essential for sustainable finance and attracting investment, especially in markets where reporting practices have traditionally been fragmented or underdeveloped. The joint efforts will help emerging economies integrate sustainability and CSR into their capital markets, supporting global sustainability goals.
More details about this partnership can be found here: IFC and IFRS Foundation Announce Partnership.
