CIBC Adopts Equator Principles
Toronto - 03 December 2003
CIBC today announced its adoption of the “Equator Principles.” The Principles are a voluntary set of environmental and social screening criteria and guidelines adopted by major international banks, based on processes established by the International Finance Corporation (IFC), the private-sector investment arm of the World Bank. The Principles apply globally to development projects with a capital cost of US$50 Million or over in all industry sectors.
Mizuho Adopts the Equator Principles
Tokyo - 27 October 2003
Mizuho Corporate Bank, Ltd. has become the first Japanese bank to adopt the Equator Principles. This brings the total number of banks adopting the Equator Principles to 18, and the number of countries represented to 11. In a press release, Mizuho said it will apply high environmental and social standards for its project finance business in order to carry out its social obligations to promote both economic development, and environmental and social preservation. As an international financial institution, Mizuho wishes to contribute to the establishment of international environmental and social standards. Mizuho extends loans to 70% of listed Japanese companies and serves as the main lender to 40% of them.
Standard Chartered Adopts Equator Principles
London - 8 October 2003
Standard Chartered today announced the adoption of the Equator Principles as a basis for managing environmental and social issues in project financing. “We are committed to minimising the environmental and social impacts associated with our operations. Adopting the Equator Principles will reinforce the Bank’s long established environmental and social risk evaluation process. We believe in sustainable business and are pleased to adopt best practice”, said Group Chief Executive Mervyn Davies.