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Moscow, Russia, April 15, 2013
— IFC, a member of the World Bank Group, congratulates Russia’s Otkritie Bank for becoming the country’s first bank to implement stringent international financial industry standards for environmental and social risk management.
Otkritie Bank, one of the largest private banks in Russia, has adopted the Equator Principles, a set of voluntary project finance guidelines based on IFC performance standards.
"Worldwide, there is increasing attention to the social responsibility of businesses,” said Alexey Gonus, Chairman of the Board of Otkritie Bank. “The fact that Otkritie Bank adopted the Equator Principles shows that the phrases ‘social responsibility’ and ‘sustainable future’ have real meaning for us and our customers."
Equator Principles institutions commit to never provide loans to projects in which the borrower is unable to comply with the principles’ social and environmental standards.
"The adoption of the Equator Principles by Otkritie Bank is an important signal that environmental and social standards are becoming a differentiating factor in how financial institutions see their business,” said Tomasz Telma, IFC's Director for Europe and Central Asia. “Otkritie is the first bank in Russia to adopt these global principles for project finance. We look forward to the bank applying the Equator Principles in practice, and to other banks following its lead.”
Some 78 financial institutions in over 30 countries have adopted the Equator Principles, covering more than 70 percent of international project finance debt in emerging markets. For more information on the principles, including a list of signatories, visit
www.equator-principles.com
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About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. In FY12, our investments reached an all-time high of more than $20 billion, leveraging the power of the private sector to create jobs, spark innovation, and tackle the world’s most pressing development challenges. For more information, visit
www.ifc.org
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