The Equator Principles are a credit risk management framework for determining, assessing and managing environmental and social risk in project finance. The Principles are adopted voluntarily by financial institutions and are applied where total project capital costs exceed US$10 million.
By adopting the Equator Principles, Fidelity Bank commits to providing loans only to projects where the borrower will comply with the Equator Principles.
The Equator Principles were launched in 2003, following the convening of nine international banks in London, together with the International Finance Corporation
(IFC), to discuss the development of a banking industry framework for addressing environmental and social risks in project financing that could be applied globally and across all industry sectors. This framework is based on the Policy and Performance Standards and the Environmental Health and Safety Guidelines set down by the International Finance Corporation (IFC). Please visit: http://www.equator-principles.com
for more information on Equator Principles.
Fidelity Bank PLC is one of only two Nigerian Banks and 10 African Banks to have adopted the Equator Principles. Some African member banks include Standard Bank of South Africa Limited
, Nedbank Limited
, FirstRand Limited
, Ecobank Transnational Incorporated
and ABSA Bank Ltd of South Africa.
Speaking on activities leading up to the Equator Principles adoption, the Group Head, Marketing Communication, Fidelity Bank, Mr. Emma Esinnah, said:
“Our commitment to responsible banking begins with taking clear and ethical actions that guide the processes and ways in which business is done in our bank. By adopting the Equator Principles, we show once again that sustainable and responsible actions even in strategic business choices will always remain our watch word. We are aware that EPI III is being developed and we are excited about this. As a responsible institution, Fidelity Bank will continue to endorse and support any robust initiative that makes for wholesome living for Communities where we do business”
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This article was first published on 9th November 2012