Ten leading banks sign up to social and environmental principles

Date: 4 Jun 2003

Ten leading banks have announced that they have adopted a set of principles to govern how they manage social and environmental issues relating to the financing of development projects.

The Equator Principles are based on the policies and guidelines of the World Bank and International Finance Corporation (IFC). The banks received extensive advice and guidance from IFC, the private-sector investment arm of the World Bank, in drafting the Equator Principles.

The banks, from seven different countries, are ABN AMRO Bank, N.V., Barclays PLC, Citigroup, Inc., Credit Lyonnais, Credit Suisse Group, HVB Group, Rabobank, Royal Bank of Scotland, WestLB AG, and Westpac Banking Corporation.

In adopting the Equator Principles, the banks should provide loans only to those projects whose sponsors can demonstrate that projects have been developed in a socially responsible manner. The banks will apply the Equator Principles to all loans for projects with a capital cost of $50 million or more.

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