Where: Kintinian, Prefecture of Siguiri, Guinea

Sectors:

  • Finance
  • Mining and extractives
About the project
In 2015, a Guinean artisanal mining community was violently evicted to make way for an AngloGold Ashanti mine. Earlier that year, the company secured a loan from Nedbank, an IFC financial-intermediary client. In 2017, 380 displaced families filed a CAO complaint, detailing violent evictions, intimidation, lack of access to basic services at the resettlement site, and inadequate compensation and livelihood restoration. The complaint also pointed to gaps in PS5, which assumes projects meet public interest criteria justifying land expropriation (even where national expropriation regulations are not met) and does not prohibit forced evictions. The loan agreement between Nedbank and its client did not reference the IFC PS, despite IFC’s policy requiring FI clients apply the PSs to sub-projects. This demonstrates the need for a standalone FI standard to ensure accountability of IFC sub-projects. In 2024, the parties to the CAO mediation reached a comprehensive agreement to remediate harms, including a financial settlement. IFC agreed to provide technical assistance for community development projects the community will invest in as part of the settlement. The case is a positive example of IFC fulfilling its responsibility to facilitate remedy, which should be reflected in its policy.
Relevant IFC standards that were violated
  • Performance Standard 1 Assessment and Management of Environmental and Social Risks and Impacts
  • Performance Standard 3 Resource Efficiency and Pollution Prevention
  • Performance Standard 4 Community Health, Safety, and Security
  • Performance Standard 5 Land Acquisition and Involuntary Resettlement

For more information, read here.