Submitted by International Finance Corporation
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.
The International Finance Corporation, the private sector arm of the World Bank Group, is the largest multilateral provider of financing for private enterprise in developing countries. IFC finances private sector investments, mobilizes capital in international financial markets, facilitates trade, helps clients improve social and environmental sustainability, and provides technical assistance and advice to businesses and governments. From its founding in 1956 through FY06, IFC has committed more than $56 billion of its own funds for private sector investments in the developing world and mobilized an additional $25 billion in syndications for 3,531 companies in 140 developing countries. With the support of funding from donors, it has also provided more than $1 billion in technical assistance and advisory services.
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