Moscow, Russia, April 15, 2013—
IFC, a member of the World Bank Group, congratulates Russia’s Otkritie
Bank for becoming the country’s first bank to implement stringent international
financial industry standards for environmental and social risk management.
Otkritie Bank, one of the largest private
banks in Russia, has adopted the Equator Principles, a set of voluntary
project finance guidelines based on IFC performance standards.
"Worldwide, there is increasing
attention to the social responsibility of businesses,” said Alexey Gonus,
Chairman of the Board of Otkritie Bank. “The fact that Otkritie Bank adopted
the Equator Principles shows that the phrases ‘social responsibility’
and ‘sustainable future’ have real meaning for us and our customers."
Equator Principles institutions commit
to never provide loans to projects in which the borrower is unable to comply
with the principles’ social and environmental standards.
"The adoption of the Equator Principles
by Otkritie Bank is an important signal that environmental and social standards
are becoming a differentiating factor in how financial institutions see
their business,” said Tomasz Telma, IFC's Director for Europe and Central
Asia. “Otkritie is the first bank in Russia to adopt these global principles
for project finance. We look forward to the bank applying the Equator
Principles in practice, and to other banks following its lead.”
Some 78 financial institutions in over
30 countries have adopted the Equator Principles, covering more than 70
percent of international project finance debt in emerging markets. For
more information on the principles, including a list of signatories, visit
IFC, a member of the World Bank Group,
is the largest global development institution focused exclusively on the
private sector. We help developing countries achieve sustainable growth
by financing investment, mobilizing capital in international financial
markets, and providing advisory services to businesses and governments.
In FY12, our investments reached an all-time high of more than $20 billion,
leveraging the power of the private sector to create jobs, spark innovation,
and tackle the world’s most pressing development challenges. For more
information, visit www.ifc.org.