Washington, D.C., December 18, 2008—Bancolombia,
one of the leading financial institutions in Latin America, has adopted
the Equator Principles, a set of voluntary guidelines for managing
social and environmental issues related to the financing of development
projects, based on IFC’s performance standards.
Bancolombia announced its adoption of
the principles as part of the fifth anniversary of the Equator Principles
in the region marked by eight of leading financial institutions in Latin
America last week. IFC, a member of the World Bank Group, congratulates
those institutions for their efforts in implementing the financial industry
"gold standard" for sustainable project finance. The anniversary
is an important milestone for sustainable development in Latin America.
"As one of premier financial institutions
in Latin America, Bancolombia's adoption of the Equator Principles is a
major step forward,” said Atul Mehta, IFC's Director for the Latin America
and Caribbean Region. “The application of commonly recognized environmental
and social standards for project finance creates tremendous momentum for
improving the quality and impact of projects in Latin America. IFC is pleased
to support Bancolombia's commitment to the implementation of the principles,”
The Equator Principles launched by 10
banks in June 2003, were revised in June 2006 and have been adopted by
more than 60 financial institutions to date.
Bancolombia’s adoption of the Equator
Principles confirms the bank's commitment to sustainability and leadership
in corporate and social responsibility. It further establishes the principles
as the international best practice for addressing environmental and social
standards in project finance.
For more information on the principles,
including a list of signatories, 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 private capital, and
providing advisory and risk mitigation services to businesses and governments.
Our next investments totaled $16.2 billion in fiscal 2008, a 34 percent
increase over the previous year. For more information, visit www.ifc.org.