Under its Disclosure and access to information policy, which took effect on Sunday, more details of the bank’s activities will be shared with the public. Exemptions include areas such as preventing material or financial harm to the bank or its staff.

Previously, the bank’s disclosure policy was based on a list of documents it was expected to make public. The new approach is expected to make ‘significantly’ more information available on its operations and the proceedings of its board.

Cecilia Akintomide, secretary general and vice-president of the bank, said: ‘The policy is a reaffirmation of the bank group’s commitment to carry out its development activities in an open and transparent manner, facilitating better knowledge and understanding of the bank group’s activities, its use of resources, its engagement with client countries and institutions, as well as its development effectiveness.’

Among the information which the Bank is now able to make available are annual audited financial reports prepared by countries that have borrowed from the bank for public sector projects and project summary notes for financing agreed with organisations other than governments.

In an attempt to increase external stakeholders’ participation in the bank’s decision-making processes, it also allows for documents such as loan proposals for public sector projects to be made public at the same time as they are sent for consideration by the bank’s board of directors.

The policy also includes a right of appeal for when access to information is denied by the bank. An appeals panel, with a majority of external members, will have the final say on these decisions.

Akintomide added: ‘Openness in this context reflects the bank group’s willingness and availability to engage with stakeholders, and the provision of effective platforms and instruments for such engagement. Transparency denotes the availability and facilitated access to information.’