Public Accountability for Private International Financing of Natural Resource Development Projects: The UN Rule of Law Initiative and the Equator Principles

Ong, D.M. ORCID: 0000-0002-8506-7348, 2016. Public Accountability for Private International Financing of Natural Resource Development Projects: The UN Rule of Law Initiative and the Equator Principles. Nordic Journal of International Law, 85 (3), pp. 201-233. ISSN 0902-7351

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Abstract

A striking feature of public international financing of natural resource development projects in developing economies is the introduction of public accountability mechanisms to ensure that these projects comply with social and environmental principles and standards. For example, natural resource development projects funded through the World Bank group are subject to the Inspection Panel mechanism in relation to complaints about the negative social and environmental impacts of such projects. As the public international financing of such projects is increasingly giving way to private international finance, this paper will examine whether similar accountability mechanisms have been developed for this type of private international financing for such projects. Within this context, the third iteration of the Equator Principles has recently been adopted by a growing number of private international financing institutions in the ‘project finance’ field, namely, the Equator Principles Financial Institutions (EPFIs). By comparing the accountability mechanisms established by public and private international finance institutions against objectively set criteria for such mechanisms, based on the UN’s international ‘rule of law’ project, this paper will assess whether there has been adequate replication of public accountability standards in the movement from public to private international financing of natural resource projects, especially within developing economies.

Item Type: Journal article
Alternative Title: Ensuring public accountability for private international financing of natural resource development projects: implications of the UN rule of law project for the Equator Principles
Publication Title: Nordic Journal of International Law
Creators: Ong, D.M.
Publisher: Koninklijke Brill NV
Date: 2016
Volume: 85
Number: 3
ISSN: 0902-7351
Identifiers:
NumberType
10.1163/15718107-08503001DOI
Divisions: Schools > Nottingham Law School
Depositing User: Jill Tomkinson
Date Added: 29 Jul 2016 15:23
Last Modified: 09 Jun 2017 14:04
URI: http://irep.ntu.ac.uk/id/eprint/28246

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