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In September 2006, Scotiabank adopted the revised Equator Principles, a set of internationally recognized, voluntary project finance guidelines that establish social and environmental standards in the banking industry.
The new principles have a wider scope than those adopted by the Bank in 2005, and apply to project financing where capital costs exceed US$10 million, instead of US$50 million. They also reflect recent revisions to the International Finance Corporation’s (IFC) performance standards, upon which the Equator Principles are partly based.
In adopting these principles, Scotiabank agrees to provide loans only to those projects whose borrowers can demonstrate their ability and willingness to comply with comprehensive processes aimed at ensuring that projects are developed in a socially responsible manner and according to sound environmental management practices.
To ensure the Bank is able to meet its commitments, in 2007, the Bank worked with internationally recognized Equator Principles consultants to produce a comprehensive set of guidelines, which provide banking and credit officers with tools to assist in meeting Equator Principles requirements.
| 2007 Equator Principles Assessments |
| Project category |
Number of assessments |
| A |
2 |
| B |
6 |
| C |
8 |
| Total |
16 |
| Equator Principles Assessment Locations in 2007 |
| Region |
% |
| United States |
38% |
| Canada |
25% |
| Mexico |
19% |
| South America |
13% |
| Central America & Caribbean |
6% |
News Release
Scotiabank Adopts Revised Equator Principles, Renews Commitment to Environmental Risk Management and Sustainable Development
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