Equator Principles Financial Institutions meet to review Equator Principles

The Equator Principle banks have until the 30th April 2006 to adopt the new Equator Principles, following on from the review of the IFC environmental and social policy review.

The Equator Principles Financial Institutions (EPFIs) met in Vienna on February 28, 2006 in order to discuss proposed revisions to the Equator Principles (EPs). The revisions to the existing EPs are being undertaken to:

1) reflect implementation learning from the past 2 ½ years,

2) incorporate comments from various stakeholders received during this period, and

3) to ensure incorporation of, and consistency with, the IFC Performance Standards. IFC's Board approved the IFC Performance Standards, which take the place of the previous IFC Safeguard Policies, on February 21, 2006.

The EPFIs will conduct a short engagement and review process with key stakeholders (including clients, NGOs and various Official Agencies) on the proposed revisions. The EPFIs will take into account comments received during this process. Existing EPFIs, or new institutions seeking to adopt the new EPs, will re-adopt by 30 April 2006. The currently existing EPs will then demise on 30 June 2006 with an effective date for the new set of Equator Principles commencing on July 1, 2006. The draft revised Equator Principles are found here.

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