Financial Institutions Announce Revision of Equator Principles Underscoring the Global Application of Environmental and Social Risk Management

London - 06 July 2006

The Equator Principles Financial Institutions (EPFIs) today announced the launch of the revised Equator Principles. The revision underscores how far the financial sector has progressed in embedding in the project finance arena a common set of best practices to manage social and environmental risks related to project financing.

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EPFIs Review of Equator Principles

08 June 2006

During March-May 2006, the Equator Principles Financial Institutions (EPFIs) have engaged in a substantive review of the Equator Principles (EPs). As previously announced, the revisions to the existing EPs are being undertaken to 1) reflect implementation learning from the past 2 ½ years, 2) incorporate comments from various stakeholders received during this period, and 3) to ensure incorporation of, and consistency with, the IFC Performance Standards. The engagement and review process included outreach to key stakeholders (including clients, NGOs and various Official Agencies) on the proposed revisions. The engagement process was also extended to facilitate receipt of feedback from all stakeholder groups. The review process has now concluded, and EPFIs have considered comments received during this period. The EPFIs are now considering the final draft of the revised Principles and conducting their internal approval processes to re-adopt the EPs. The EPFI aim to make the new revised Principles publicly available via this website on July 6, 2006 – this shall also be the effective date for this new set of Equator Principles.

 

IFC Launches Web-based Private Sector Guide to Biodiversity

IFC Launches Web-based Private Sector Guide to Biodiversity - Why biodiversity matters and how it creates business value

The International Finance Corporation launched a Web-based guide to help companies understand and address biodiversty as part of their core business practice. With a focus on emerging markets, the guide provides guidance at the strategic and operating (implementation) levels, drawing on case studies from IFC's own portfolio.

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IFC Adopts New Environmental and Social Standards

Washington D.C. - 21 February 2006

The Board of Directors of the International Finance Corporation adopted today new environmental and social standards for the organization. The new standards build upon the environmental and social requirements that IFC currently applies to private sector projects it finances in the developing world. A new policy on disclosure, adopted at the same time, will increase transparency requirements.

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Equator Principles: Fortis adopts environmental and social criteria for project financing

Brussels/Utrecht - 17 February 2006

Fortis has adopted the Equator Principles – guidelines for responsible project financing. Fortis will apply the principles globally to project finance for all industry sectors. Full implementation is expected to take six months. In adopting the Equator Principles, Fortis joins a group of 40 leading international financial institutions. Together, they underwrite more than 75% of all project finance transactions worldwide.

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Good Practice on Non-Discrimination and Equal Opportunity

Washington D.C. - February 2006

IFC’s Good Practice Note on “Non-Discrimination and Equal Opportunity," the latest in a series of publications providing how-to guidance and good practice examples to private sector clients on a variety of social and environmental topics. The Note seeks to help IFC clients and the wider private sector with the challenges of eliminating discriminatory workplace practices and promoting workforce diversity in accordance with international standards and best practices.

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SMBC establishes an Environment Department and adopts the Equator Principles

Tokyo - 23 January 2006

Sumitomo Mitsui Banking Corporation (SMBC, President: Masayuki Oku) has established a department (Environment Analysis Department) within the Credit Department of its International Banking Unit effective today to strengthen its commitment to social and environmental responsibility. The new department will establish an environmental impact assessment framework for overseas project financing and conduct assessments accordingly.

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Caja Navarra, First Spanish Saving Bank that Adopts the Equator Principles

Pamplona - 9 January 2006

The organization establishes the taking of environmental and social measures in the financing of projects

Caja Navarra has adopted the Equator Principles for the incorporation of environmental and social criteria in the financing of projects. Caja Navarra is the first saving bank and the second Spanish financial organization in adopting this initiative, and number 37 on international scale. This decision will result in benefits for the environmental and the set of the society.

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Millennium BCP Adopts the Equator Principles

LISBOA - 02 January 2006

Millennium bcp adopted the Equator Principles, as part of the Sustainability strategy and the Social Responsibility Values supported by the Bank.

The Equator-Principles stand as a set of guidelines, to be followed by financial institutions, to manage social and environmental matters in the financing of large projects. With the adoption of these Principles Millennium bcp commits to act in accordance with specific policies and procedures related to Project Finance activities.

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The Bank of Tokyo-Mitsubishi adopts the Equator Principles

Tokyo - 22 December 2005

Adoption of the Equator Principles

We are pleased to announce that it has adopted the Equator Principles for project finance effective January 2006, representing our commitment to verifiable policies designed to support the realization of a sustainable society.

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