Washington, May 11, 2010—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
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.