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People & Places

21 July 2006

  • The banks adhering to the Equator Principles have announced a new set of guidelines for environmental lending. The 41 banks have made some significant alterations to their project criteria, which now include projects of between $10 million and $50 million, expansion projects and the conduct of advisory roles. The new guidelines also bear the imprint of the new Policy and Performance Standards of the International Finance Corporation.
    Reaction at the NGOs that follow the Principles has been mixed. Banks have successfully fought off calls for more disclosures of financing arrangements, which some critics had demanded. And critics have focused on the areas where the new IFC standards have apparently been relaxed, for instance in dealing with the forced displacement of indigenous people and the use of outside advisers in assessing environmental impact.

    But implementation and monitoring of the Principles remains the key battleground for lenders and NGOs. Banks note that...


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