OTTAWA, Oct. 25 /CNW Telbec/ - Export Development Canada (EDC) today
announced that it has become a signatory to the Equator Principles, an
international financial industry benchmark for assessing and managing social
and environmental risk in project financing.
"Adopting the Equator Principles reflects EDC's ongoing commitment to
conduct its international business in a socially and environmentally
responsible manner and confirms the strength of its existing corporate social
responsibility (CSR) policies," said Eric Siegel, President and CEO of EDC.
"As an export credit agency with a leading role in private sector
support, EDC's adoption of the Equator Principles is an important step
welcomed by the International Finance Corporation (IFC) of the World Bank
group," said Rachel Kyte, IFC Director for Environment and Social Development.
"IFC encourages the adoption of the Principles by all financial institutions
involved in project financing. The application of agreed environmental and
social standards for project finance throughout the world creates tremendous
momentum for improving the quality and impact of projects."
For private sector financial institutions, the Equator Principles are the
acknowledged standard of measurement of CSR in funding of projects in emerging
markets. For public sector financial institutions like export credit agencies,
the OECD's Common Approaches binds members to specific CSR practices. Adopting
the Equator Principles reflects EDC's unique position as an institution that
operates on commercial principles while fulfilling a public policy mandate.
The Equator Principles apply to projects in emerging markets valued in excess
of USD 10 million.
EDC is only the second export credit agency in the world to adopt the
Equator Principles and joins the five large Canadian banks, thus harmonizing
the Canadian private and public banking sectors as they undertake
international business activities. This is important for EDC which is
recognized for its project finance expertise and whose business includes
structuring complex, limited recourse financing transactions for large-scale
global infrastructure, extractive, and industrial projects.
EDC is Canada's export credit agency, offering innovative commercial
solutions to help Canadian exporters and investors expand their international
business. EDC's knowledge and partnerships are used by 6400 Canadian companies
and their global customers in up to 200 markets worldwide each year. EDC is
financially self-sustaining and is a recognized leader in financial reporting,
economic analysis and has been named one of Canada's Top 100 Employers for
seven consecutive years.
For further information:
For further information: Phil Taylor, EDC Public Affairs, (613)
598-2904, email@example.com; For more information on the Equator Principles and
the OECD Common Approaches, visit: http://www.equator-principles.com/ ;