Press Release: The Equator Principles Association Launches Strategic Review Process

19 October 2010

The Equator Principles (EP) Association is pleased to announce today, 19 October 2010, the launch of a Strategic Review process intended to produce a multi-year strategic vision to ensure the EPs continue to be viewed as the “gold standard” in environmental and social risk management for project finance within the financial sector. There has been a significant growth in the number of EPs adopters since its inception in 2003, growing from ten initial adopters to over 65 financial institutions from around the globe, making the EPs a leading and respected voluntary standard for the financial sector.

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EP Association Steering Committee’s Letter Submission to the IFC Regarding the Phase II Consultation of IFC Performance Standards Review and Update

27 August 2010

The Equator Principles Association (the Association) has actively participated in both Phase I and Phase II of the International Finance Corporation's (IFC) consultation on their proposed revisions to IFC Performance Standards. Phase II of the IFC Review and Update process commenced on 2 June 2010 and ended on 27 August 2010. As part of this consultation process, Association members analysed the proposed changes, and provided the IFC with feedback on key thematic issues. In order to increase the Association's transparency during this process, the EP Association Steering Committee's letter submitted to the IFC is being made publicly available.

Full text of letter submission (pdf - 94k)

Press Release: New Governance Rules Introduced for The Equator Principles

01 July 2010

Rules to improve efficiency, and formalize existing practices, procedures and member responsibilities. The Equator Principles (EPs), the leading voluntary standard for managing social and environmental risk in project financing, will formally adopt new Governance Rules from 1 July 2010, the result of several years’ intensive work by the Equator Principles Financial Institutions (EPFIs).

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Citi elected as new Chair of the Equator Principles Association Steering Committee

15 March 2010

On 15 March 2010 Citi, one of the four founding banks of the Equator Principles (EPs) and long term contributor to its development, will assume the pivotal role of Chair of the EP Association Steering Committee. Citi is honoured to accept this appointment, which was unanimously supported by the Steering Committee recently, and will be stepping up during a crucial period of Equator Principles Financial Institutions (EPFI) engagement in the International Finance Corporation Performance Standards Policy Review and Update process, the result of which may impact on the EPs.

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EPFI Engagement in the IFC Performance Standards Review Process

08 September 2009

On 8 September 2009, the International Finance Corporation (IFC) launched the process to review and update its Performance Standards. The process is expected to last until October 2010 and the updated framework to be released by January 2011. The IFC Performance Standards Review Process is extremely important for the Equator Principles and all EPFIs as it will define the Standards applied by the Equator Principles in the coming years. As part of the Phase 1 initial consultation process between IFC and key stakeholders, the EPFI Steering Committee and other EPFIs actively participating in some of the EP Working Groups, met with IFC representatives in London on 12 October 2009. The purpose of the meeting was to hold an informal discussion on some of the key issues and challenges for the upcoming IFC Performance Standards Review Process. The EPFIs will continue to be closely engaged with the IFC, civil society, clients, and other stakeholders during the Performance Standards Review Process, and we look forward to sharing valuable experience and insight.

 

NEW RESOURCE: Guidance to EPFIs on Incorporating Environmental and Social Considerations into Loan Documentation

03 August 2009

The EPFI Best Practice Working Group is pleased to share a new deliverable: "Guidance to EPFIs on Incorporating Environmental and Social Considerations into Loan Documentation".This guidance document has been prepared for use by the EPFI network. In order to increase our transparency, and to share such best practice with the broader financial and legal communities active in project finance, and civil society stakeholders, the full text of the guidance note is downloadable below.

Please note that the document is not to be viewed as a required legal framework, but rather a guidance document to assist EPFIs in incorporating environmental and social considerations into project finance loan documentation, as appropriate. The objective of the Best Practice Working Group is to identify and participate in the development of initiatives aimed at sharing good environmental and social practices among Equator banks and clients.

 

International Financial Institutions Discuss the 5th Anniversary of the Equator Principles at an Event in Rio de Janeiro, Brazil

São Paulo - 10 December 2008

The event also celebrated the beginning of Banco Itaú’s term as Chair of the Equator Principles Financial Institutions Steering Committee and the announcement of the 8th South American bank to adopt to the Equator Principles.

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PRESS RELEASE: International Financial Institutions Discuss the 5th Anniversary of the Equator Principles in Rio de Janeiro, Brazil

08 December 2008

On 11 and 12 December 2008 financial institutions from around the world, including the International Finance Corporation, a member of the World Bank Group, will meet in Rio de Janeiro to celebrate the fifth anniversary of the Equator Principles. The event, which also marks the beginning of Itaú’s term as Chair of the Equator Principles Financial Institutions Steering Committee, will debate and present the achievements of the past five years and the challenges and prospects for the future. At the same time the adoption of the Equator Principles by the 8th South American bank will be formally announced.

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Itaú Holding Assumes Role of Chair of the Steering Committee of the Equator Principles

São Paulo - 22 September 2008

The Bank is the first from an emerging economy to lead the Steering Committee of the Equator Principles, which brings together financial institutions committed to sustainability in project financing.

From 22 September 2008, Itaú will lead the activities of the Equator Principles Financial Institutions (EPFI) – a public pledge that they are committed to taking social and environmental risks into consideration in project financing. Marcelo Battisti, the Credit and Socio-environmental Risk Manager, Itaú BBA will assume the role of Chair of the Steering Committee of the Equator Principles (EP) and this is the first time an institution from an emerging economy has assumed leadership of this group.

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Equator Principles Celebrate Five Years of Positive Environmental Impact and Improved Business Practices

Washington D.C. - 08 May 2008

In 2007 US$52.9 billion of project finance debt in emerging market economies was subject to the Equator Principles

Washington, DC, May 8, 2008 – Sixty of the world’s leading financial institutions today mark the fifth anniversary of the Equator Principles (EPs), voluntary standards for financial institutions to manage environmental and social risk in their project finance transactions.

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