Access Bank Adopts Equator Principles

Access Bank Plc has affirmed its commitment to international best practice and globally acceptable standards by adopting the Equator Principles for its Project Finance.
By this, the bank becomes the first Nigerian bank to implement the Equator Principles.
The Equator Principles (EP) is a voluntary set of environmental and social benchmarks for managing environmental and social issues in development finance globally.
The Principles were initially developed by four private sector banks, Citi, ABN AMRO, Barclays and WestLB, and launched and adopted by 10 banks in June 2003.
The Principles are based 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.
Presently, about 66 financial institutions with operations in over 100 countries across the globe have adopted the Equator Principles and thus making it project finance industry standard for addressing environmental and social issues in project financing globally.
Following this declaration, Access Bank Plc is now one of the Equator Principles Financial Institutions (EPFIs) that have consequently adopted these principles in order to ensure that Project Finance transactions are executed in a manner that is socially responsible and reflects sound environmental management practices.
These Principles are designed to serve as a common baseline and framework for the implementation, by each Equator Principles Financial Institution (EPFI), of its own internal social and environmental policies, procedures and standards related to its project financing activities. Member Banks will not finance projects where the borrower will not or is unable to comply with the respective social and environmental policies and procedures.