IFC Congratulates Société Générale on Adopting Equator Principles
IFC, a member of the World Bank Group, has welcomed the announcement by Société Générale 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, Société Générale’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.
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