The Swedish Export Credit Corporation (SEK) adopts the Equator Principles
10 July, 2017 Adoption News
Stockholm, 21 June 2017
The Swedish Export Credit Corporation (SEK) announces its adoption of the Equator Principles, a globally recognised benchmark for determining, assessing and managing environmental and social risk in bank financed projects. To date, 90 international financial institutions in 37 countries have signed up to the Equator Principles. As an export credit institution, SEK already applies sustainability risk assessments in accordance with the OECD frameworks and other relevant international frameworks for projects and export credits.
“The Equator Principles will add a tool in our environmental and social due diligence for projects and export credits that we finance. This will increase the harmonisation between us and the banks and financial institutions that we cooperate with”, says SEK Head of Sustainability Johan Henningsson.
SEK adopts the Equator Principles on June 21st 2017, and in the first year, in accordance with the Equator Principles, will adjust its activities according to the framework.
“We will also be able to take more active part in the discussions about the development of environmental and social assessments within the banking community”, says SEK Head of Sustainability Johan Henningsson.
Mikael Damberg, Minister for Enterprise and Innovation, representing SEK’s owner, says:
“SEK has an important role to play in facilitating Swedish company exports. Therefore, I welcome the fact that SEK now adopts the Equator Principles in line with the owner’s recommendation. With this, SEK gets a new tool to ensure that there lending meets international requirements. State owned enterprises should set good standards, not least in sustainable business.”
About the Equator Principles
The Equator Principles is a risk management framework, adopted by financial institutions, for determining, assessing and managing environmental and social risk in projects. It was developed in 2003 with the objective of ensuring that projects are developed in a socially responsible manner and reflect sound environmental management practices. The third edition of the Equator Principles which went into effect in 2013 extends its application from project finance and advisory services to project-related corporate loans and bridge loans.
The Swedish Export Credit Cooperation (SEK) provides financing for Swedish exports. SEK lends directly to Swedish exporters and helps Swedish exporters to win export business by offering financing to their customers. SEK has a strong international network and extensive experience of international financing. The officially supported export credits system means buyers of Swedish exports can see the total cost of their investment. Moreover, export credit financing can offer buyers extended credit periods. SEK is a long-term partner, wholly owned by the Swedish government and has a mission to ensure access to financial solutions for the Swedish export industry on commercial and sustainable terms. In SEK’s environmental and social due diligence, SEK complies with international standards. In 2016, SEK lent a total of Skr 54.8 billion.
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