Financial Bank adopts Equator Principles

Lome, Togo - 18 February 2008

Financial BC is the first African bank coming from three monetary areas (WAEMU/UEMOA, EMCCA/CEMAC and Guinea Conakry) to adopt the Equator Principles, a voluntary set of environmental and social guidelines for project financing and other businesses. The Group is not only focused on big projects but also on daily business opportunities.

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The Banco de la Republica Oriental del Uruguay (Banco Republica) Adheres to the Equator Principles

03 January 2008

Since 3rd January, 2008, the Banco República adheres to the Equator Principles (set of guidelines for determining, assessing and managing social and environmental aspects of investment projects, established at the request of the International Finance Corporation, agency of the World Bank, and voluntarily assumed by financing institutions).

By implementing these principles, the society, in general, and the companies, in particular, will be benefited, reducing their operational risks and increasing their competitivity and easy access to international markets.

This way, the Banco República enters into the group of main banks financing more than 95% of investment projects – at global level, which have already adhered to the Equator Principles.

 

EPFI Meetings

Amsterdam and Hamburg - 03-05 December 2007

On 3 December representatives from 25 EPFIs met to discuss the ongoing development of the Equator Principles. The meeting was hosted by ING Group. The discussions focussed on Equator Principle governance and the management structure, reporting, and shared good practice. On 4 December the EPFIs met with 15 NGOs at ABN Amro's headquarters. A pre-agreed agenda was followed based on items of mutual interest, which included governance, transparency, and grievance mechanisms at the project level. On 5 December EPFIs were pleased to be invited to meet 23 OECD Export Credit Agencies in Hamburg, hosted by Euler Hermes. The meeting provided an opportunity to better understand each others approach on transparency, experience in implementing the IFC Performance Standards, and how to further cooperation between the EPFIs and ECAs. The EPFIs also presented their experience in implementing the Equator Principles. In each instance, the meetings proved useful in furthering a better understanding by all sides and facilitating future discussion.

 

The Equator Principles: A Toddler Finds its Feet, but Still Takes an Occasional Tumble

UK - 14 November 2007, Tony Webb, Ethical Corp

In four years the Equator Principles have made real progress, but according to critics, still suffer from a lack of clarity and definition, particularly regarding climate change.

The Equator Principles, a four-year-old initiative set up by big banks to consider the social and environmental impacts of global project finance, now regulate more than 85% of this niche market, according to the EPs’ statistics. Read more   

 

National Australia Bank adopts equator principles

Melbourne - 25 October 2007

National Australia Bank (NAB), through its institutional banking and capital markets division nabCapital, has agreed to a global social and environmental benchmark for financing projects greater than US$10 million by adopting the Equator Principles. NAB joins other global banks from 21 countries adhering to the policies set down by the World Bank and International Finance Corporation. The Equator Principles are a set of globally recognised, voluntary guidelines to assess and manage social and environmental project financing risk, especially in emerging markets. NAB's Project Finance activities reside within the nabCapital business.

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EDC adopts Equator Principles

Ottawa – 25 October 2007

Export Development Canada (EDC) today announced that it has become a signatory to the Equator Principles, an international financial industry benchmark for assessing and managing social and environmental risk in project financing.

“Adopting the Equator Principles reflects EDC’s ongoing commitment to conduct its international business in a socially and environmentally responsible manner and confirms the strength of its existing corporate social responsibility (CSR) policies,” said Eric Siegel, President and CEO of EDC.

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Société Générale adopts the Equator Principles

Paris - 03 September 2007

Société Générale Group is announcing that it has adopted the Equator Principles, a voluntary set of guidelines for managing environmental and social issues in project finance. Introduced in 2003 under the aegis of the World Bank and International Finance Corporation, this initiative has been adopted by around fifty international banks.

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BankMuscat Adopts the ‘Equator Principles’. First Bank from across the Middle East to take this ‘environment-friendly’ stand.

Muscat - 18 August 2007

BankMuscat, the nation’s leading bank, has adopted the ‘Equator Principles’, a set of globally recognized, voluntary guidelines established to assess and manage social and environmental risk in project financing, especially in the emerging markets. In adopting these principles, BankMuscat has become the first bank from across the Middle East region to adopt the Equator Principles. The Bank will also ensure that the projects it finances are developed in a socially responsible manner and reflect sound environmental management practices.

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Corpbanca adopts Equator Principles

Santiago, Chile - 19 July 2007

CORPBANCA (NYSE:BCA, Santiago: CORPBANCA) has announced today the adoption of the Equator Principles, to develop a policies and methodologies for addressing environmental and social risks in project financing, in terms of having a common framework and language in our internal policies, procedures and processes.

 

EPFIs Meet After Nearly One Year of EPII Implementation

Washington D.C. - 12-14 May 2007

On May 14, 26 out of 51 EPFIs met to discuss lessons learned and challenges related to EPII implementation. 6 recent adopters attended the event and made a significant contribution to the success of the meeting. EPFIs have been implementing the new Principles for nearly one year following their revision and launch in London last July. Bank of America hosted the day-long event in Washington, DC. Issues related to EPFI governance, disclosure and transparency related to Principle 10, and other items were discussed. This EPFI meeting was then followed by a 2-day series of meetings at the International Finance Corporation (IFC's) "Community of Learning" event which focused on lessons learned from application of the IFC Performance Standards. EPFIs interacted with and heard from IFC senior management and staff, and also had the opportunity to interact with a number of environmental representatives of Development Finance Institutions (DFIs) from across the globe.

For the guidance note on reporting related to Principle 10 of the Equator Principles, please see the attached document. (48k)