EcoBank adopts Environmentally Friendly ‘Equator Principles’

Ecobank Transnational Incorporated (ETI), parent company for Ecobank Nigeria and other Ecobank subsidiaries scattered across Africa, has adopted the, environmentally friendly, Equator Principles.

The Equator Principles (EPs) are a credit management framework or list of guidelines for determining, assessing and managing environmental and social risk in project finance transactions. Project Finance transactions refer to funds used to develop and construct infrastructure and industrial projects.

The EPs are based on the International Finance Corporation (IFC) Performance Standards on social and environmental sustainability and  on the World Bank Group Environmental, Health, and Safety Guidelines.

The EPs are voluntarily adopted by organizations and utilized where the minimum transaction size is $ 10 million.

Institutions, like Ecobank, that adopt the policy commit themselves not to fund projects wherein the borrower Is unable to comply with certain laid down social and environmental policies. More details on EPs can be gotten here .

Arnold Ekpe, Group CEO of Ecobank, said:

“This initiative reaffirms our commitment to sustainable financial and economic development of Africa and demonstrates how Ecobank is taking bold action to protect the environment and set socially responsible standards. Our aim is to go beyond these principles in addressing the most critical challenges of our time – the environment, poverty and social cohesion. At Ecobank, we believe we can make a difference across the African continent by championing sustainable banking.”

Access Bank is the only other Nigerian bank that has adopted the standards.