Rethinking Cultural Heritage in the International Finance Corporation Performance Standards

Abstract

AbstractIn 2006, the World Bank's private sector lending arm, the International Finance Corporation (IFC), introduced eight Environmental and Social Performance Standards (PSs) to define IFC clients’ responsibilities for managing their environmental and social risks, including those related to cultural heritage. Since their introduction, the PSs have evolved into a de facto global standard that other development banks and many private sector banks, insurers, and development proponents have voluntarily adopted to help manage their own risk exposure. Although the widespread adoption of such policies can be viewed positively as a reflection of good governance, the PSs were never designed with this purpose in mind. This article traces the development of cultural heritage policy within the World Bank Group, then critically examines the IFC PSs as they relate to cultural heritage, drawing attention to the elements in need of revision to better reflect internationally recognized good practice for the management of cultural heritage. Equally important, we recommend the development and implementation of a bespoke cultural heritage framework for the private sector.