Industrial Bank of Korea (2024)
| Signing Date | 05 Sep 2022 |
| Region of Headquarters: | Asia-Oceania |
| Current EPFI Reporting Year/Period: | 2024 |
| Institutional Reporting: | Link to Report |
Please read the important notes and disclaimer for further information on ‘EPFI Reporting’, compliance and publication on the EP website.
Further information on this EPFI may be obtained through the Institutional Reporting hyperlink.
Project Finance Advisory Services
Total number mandated in the reporting period: 0
Project Finance Transactions
Total number that reached Financial Close in the reporting period: 9
| Equator Principles Category | A1 | B2 | C3 |
|---|---|---|---|
| Sector | |||
| Mining | |||
| Infrastructure | 1 | ||
| Oil & Gas | |||
| Power | 1 | 1 | |
| Others | 6 | ||
| Region | |||
| Americas | 1 | 3 | |
| Europe, Middle East & Africa | |||
| Asia Pacific | 5 | ||
| Country Designation | |||
| Designated Country 4 | 1 | 8 | |
| Non Designated Country | |||
| Both | |||
| Independent Review | |||
| Yes | 1 | ||
| No | 8 | ||
| Totals | 1 | 8 | |
Category A – Projects with potential significant adverse environmental and social risks and/or impacts that are diverse, irreversible or unprecedented.
Category B – Projects with potential limited adverse environmental and social risks and/or impacts that are few in number, generally site-specific, largely reversible and readily addressed through mitigation measures.
Category C – Projects with minimal or no adverse environmental and social risks and/or impacts.
Designated Countries are those countries deemed to have robust environmental and social governance, legislation systems and institutional capacity designed to protect their people and the natural environment.
Project-related Refinance & Project-related Acquisition For Project Finance
Total number that reached Financial Close in the reporting period: 0
Project Name Reporting For Project Finance (And Project-related Refinance & Project-related Acquisition Finance For Project Finance)
| No. | Project Name | Sector | Project Location(s) | Year of Financial Close |
|---|---|---|---|---|
| 1 | Virginia Richmond Data Center development project | Others | United States | 2024 |
| 2 | Virginia Ashburn Data Center development project | Others | United States | 2024 |
| 3 | H Techno valley industrial Complex development project | Others | Korea, Rep. | 2024 |
| 4 | Georgia Atlanta data center development project | Others | United States | 2024 |
| 5 | Hydrogen fuel cell power generation project | Power | Korea, Rep. | 2024 |
| 6 | investment project for modernization of public sewage treatment facilities | Infrastructure | Korea, Rep. | 2024 |
| 7 | office development project | Others | Korea, Rep. | 2024 |
Number of projects that were not disclosed as per the disclosure conditions specified in Annex B of the Principles: 2
Under EP4, project name reporting is required for Project Finance transactions that have reached Financial Close and encouraged for Project-Related Corporate Loans that have reached Financial Close.
Project-Related Corporate Loans
Total number that reached Financial Close in the reporting period: 0
Project-related Refinance & Project-related Acquisition For Project-related Corporate Loans
Total number that reached Financial Close in the reporting period: 0
Implementation of the Equator Principles
IBK has established the “Environmental and Social Risk Management Guidelines” which are internal guidelines for applying the Equator Principles, so that the related office such as the IB department and credit review department, can appropriately carry out the work of applying the Equator Principles. Based on this, the front office identifies projects subject to the Equator Principles and communicates with clients. Based on environmental impact assessments from the front office and independent E&S consultants, the ESG management Department identifies E&S risks and reviews whether appropriate measures are in place to mitigate these risks.
Also, to preemptively identify E&S risks of planned projects, IBK follows domestic and international laws and regulations, as well as the performance standards of the International Finance Corporation (IFC) and the environmental, health, and safety guidelines of the World Bank Group. We developed an ecological and social impact survey questionnaire that reflects international standards that IBK adopted. IBK classifies the risk level of planned projects by comprehensively considering the environmental and social impact questionnaires and related issues. Based on this rating, we communicate with clients to devise measures to minimize negative impacts on the environment and society.