3 Indiana Journal of Global Legal Studies 35 (1995)
Dr. Steer and Mr. Mason begin by noting that since fundingfor
the Rio Earth Summit agreements has not been forthcoming,
multilateralfinanciailn stitutions (MFIs) have taken responsibilityf or
advancing the environmental agenda set forth at the Summit. Dr.
Steer and Mr. Mason note that MFIs furnish three crucial functions
in implementing the global environmental agenda. First, MFIs are
able to target investments in developing countries that involve
important environmental issues. Second, MFIs are able to support
policy reforms within developing countries to ensure environmental
standards and issues are properly addressed. Finally, MFIs can
multiply a small amount offunding into a significant amount. While
developing countries are beginning to acknowledge the relationship
between economic progress and environmental sustainability, MFIs,
according to Dr. Steer and Mr. Mason, are presented with several
challenges to continue advocating this relationshipf or the future.
Steer, Andrew and Mason, Jocelyn
"The Role of Multilateral Finance and the Environment: A View from the World Bank,"
Indiana Journal of Global Legal Studies:
1, Article 3.
Available at: http://www.repository.law.indiana.edu/ijgls/vol3/iss1/3