Washington, DC, September 4, 2007
— 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.
For more information on the principles,
including a list of signatories, visit www.equator-principles.com.
IFC, a member of the World Bank Group,
fosters sustainable economic growth in developing countries by financing
private sector investment, mobilizing capital in the international financial
markets, and providing advisory services to businesses and governments.
IFC’s vision is that people have the opportunity to escape poverty and
improve their lives. In FY07, IFC committed $8.3 billion, including loan
participations, to 284 investments in 66 developing countries. For more
information, please visit www.ifc.org.