Washington, D.C., December 18, 2008
—Bancolombia, one of the leading financial institutions in Latin America, has adopted the Equator Principles, a set of voluntary guidelines for managing social and environmental issues related to the financing of development projects, based on IFC’s performance standards.
Bancolombia announced its adoption of the principles as part of the fifth anniversary of the Equator Principles in the region marked by eight of leading financial institutions in Latin America last week. IFC, a member of the World Bank Group, congratulates those institutions for their efforts in implementing the financial industry "gold standard" for sustainable project finance. The anniversary is an important milestone for sustainable development in Latin America.
"As one of premier financial institutions in Latin America, Bancolombia's adoption of the Equator Principles is a major step forward,” said Atul Mehta, IFC's Director for the Latin America and Caribbean Region. “The application of commonly recognized environmental and social standards for project finance creates tremendous momentum for improving the quality and impact of projects in Latin America. IFC is pleased to support Bancolombia's commitment to the implementation of the principles,”
The Equator Principles launched by 10 banks in June 2003, were revised in June 2006 and have been adopted by more than 60 financial institutions to date.
Bancolombia’s adoption of the Equator Principles confirms the bank's commitment to sustainability and leadership in corporate and social responsibility. It further establishes the principles as the international best practice for addressing environmental and social standards in project finance.
About IFC
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. Our next investments totaled $16.2 billion in fiscal 2008, a 34 percent increase over the previous year. For more information, visit
www.ifc.org
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