13 May 2010 10:56
BMCE Bank adopts the equator principles
BMCE Bank formally announced its adoption of the Equator Principles on May 10th, 2010. The Equator Principles (EPs) are a voluntary set of standards for determining, assessing and managing social and environmental risk in project financing. The EPs apply to all new project financings globally with total project capital costs of US$ 10 million or more, and across all industry sectors.
The Equator Principles were launched in Washington D.C. on June 4th, 2003 and arebased on the International Finance Corporation (IFC) performance standards on social and environmental sustainability, and on the World Bank Group's Environmental, Health and Safety general guidelines. They are intended to serve as a common baseline and framework for the implementation by each adopting institution of its own internal social and environmental policies, procedures and standards related to its project financing activities.
BMCE thus becomes the first Bank of the Maghreb and Francophone Africa region to embrace this approach, joining the circle of the 67 financial institutions signatory of this international standard.
This adoption highlights BMCE Bank Group's commitment to Sustainable Development, a strategy implemented since the Bank's privatization, notably through the establishment in 1995 of BMCE Bank Foundation for Education and Environment.
In 2000, BMCE was the first African bank to sign the Statement by Financial Institutions on the Environment and Sustainable Development of the United Nations Environment Program, UNEP FI.
More recently in 2008, BMCE established practices and procedures for assessing and managing social and environmental risks for the whole of its investment loans, enabling it today to be adopter of the Equator Principles.
May 10th, 2010