Submitted by: International Finance Corporation
Posted: Sep 04, 2007 – 09:38 AM EST
WASHINGTON, D.C. - September 4, 2007 - IFC, a member of the World Bank Group, has welcomed the announcement by Societe Generale that it has signed on to the Equator Principles. Adoption of the principles confirms the bank's commitment to sustainability and leadership in corporate and social responsibility. It further establishes the principles as the international environmental and social standards for project finance.
The Equator Principles are a voluntary set of guidelines for managing social and environmental issues related to the financing of development projects, which are based on IFC's performance standards. Launched by 10 banks in June 2003, the principles were revised in June 2006 and have been adopted by more than 50 financial institutions to date. Altogether, these banks are estimated to arrange nearly 90 percent of project financing worldwide.
"As one of the world's lead arrangers in project finance, Societe Generale's adoption of the Equator Principles is a major step forward and one that IFC welcomes. The application of agreed environmental and social standards for project finance throughout the world creates tremendous momentum for improving the quality and impact of projects," said Rachel Kyte, IFC Director for Environment and Social Development.
For more information on the principles, including a list of signatories, visit www.equator-principles.com.
IFC, a member of the World Bank Group, fosters sustainable economic growth in developing countries by financing private sector investment, mobilizing capital in the international financial markets, and providing advisory services to businesses and governments. IFC's vision is that people have the opportunity to escape poverty and improve their lives. In FY07, IFC committed $8.3 billion, including loan participations, to 284 investments in 66 developing countries. For more information, please visit www.ifc.org.
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