Submitted by: International Finance Corporation
Posted: May 11, 2010 – 09:01 AM EST
WASHINGTON, D.C., May 11 /CSRwire/ - IFC, a member of the World Bank Group, welcomes the announcement by BMCE Bank, Banque Marocaine du Commerce Exterieur, that it has become the 68th financial institution to adopt the Equator Principles.
This confirms the bank's commitment to sustainability, environmental and social risk management, and leadership in corporate social responsibility in Morocco and North Africa. It further establishes the Equator Principles as the international environmental and social standard for project finance.
"As the first bank in the Maghreb Region to adopt the Equator Principles, BMCE is taking a major step forward in its efforts to manage environmental and social risks," said Rachel Kyte, IFC Vice President for Business Advisory Services. "BMCE is setting the standard locally, and we hope more banks from the region will follow suit."
The Equator Principles are a voluntary set of guidelines for managing social and environmental issues related to the financing of projects, which are based on IFC's performance standards. Launched by 10 banks in June 2003, the principles were revised in June 2006, and to date have been adopted by 68 financial institutions.
Financial institutions from emerging markets have been playing an increasing role in project finance in their respective regions. By adopting the Equator Principles, they not only are leveling the playing field, but also are reducing their risks by investing in like-minded companies with a focus on sustainability.
To learn more about the Equator Principles, visit www.equator-principles.com.
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing capital for private enterprise, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $14.5 billion in fiscal 2009, helping channel capital into developing countries during the financial crisis. For more information, visit www.ifc.org.
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