IFC Supports Bank of Jiangsu to Adopt the Equator Principles
Recently, China’s Bank of Jiangsu has decided to accept recommendations made by the International Finance Corporation. Specifically, they have joined a group of global financial institutions in applying the Equator Principles. The Equator Principles is a risk management framework for determining, assessing, and managing environmental and social risks. They are primarily intended to provide a minimum standard for due diligence to support responsible risk decision-making. The principles apply globally, to all industry sectors and most financial products. Currently, 89 institutions in 37 countries have officially adopted the Equator Principles. These institutions commit to implementing the principles in their internal environmental and social policies.
The IFC works with governments, corporations, foundations, and other multilateral organizations and development institutions to foster innovative partnerships that create prosperity and eradicate poverty. Their collaborative approach emphasizes the power of sustained partnerships, focuses on results measurement and efficiency, and leverages the contributions of our development partners to maximize impact on the lives of the poor. Given the immense need for private sector development, the IFC collaborates and builds long-term relationships with development partners and foundations across the globe while pursuing their development goals.
Bank of Jiangsu is a modern joint-stock commercial bank which was founded by merging and reorganizing the ten commercial banks in the Jiangsu province. Formally opening in 2007, it is a model of local corporate banking reform and is the only local provincial corporate bank in Jiangsu. Their mission is providing high-quality financial service for customers and creating a culture of integration, innovation, pragmatism, and growth. The adoption of the Equator Principles demonstrates that they are dedicated to committing to green finance and sustaining energy management industry. It will also contribute to promoting a more eco-friendly civilization, social awareness enhancement and the completion of environmental and social risk management system.
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