MAGHREB GREEN BANKING: US general backs Algeria counter-terror efforts

June 05, 2011

[Reuters/Ramzi Boudina] US General Carter Ham (left) and senior Algerian military official Youcef Madkour (right) arrive for a news conference at the US Embassy in Algiers.

GREEN BANKING & the Equator Principles:

Banks usually gravitate towards community economic development instead of environmental initiatives. Although these actions have helped banks gain a large impact socially, many banks fail to realize that focusing only on the social side of banking drives away customers concerned with environmental issues.

The Equator Principles in project finance

Launched in 2003, the Equator Principles have become the benchmark for responsibility in project finance. This commitment to comply with certain social and environmental requirements is a crucial element of MGB's corporate responsibility policy. It will involve MGB's project development & finance teams on a day-to-day basis, and will give an active role in the decision process to a variety of actors.

What are the Equator Principles?

The Equator Principles represent a voluntary, unilateral commitment to perform a detailed analysis of environmental and social aspects of each new project financing and to link financings to compliance with a number of requirements. Specifically, the projects financed must comply with the environmental and social standards of the International Finance Corporation (IFC), an institution of the World Bank Group that is responsible for transactions with the private sector.

The principles especially encourage:

evaluation of impacts and setting up systems for managing these impacts,
conservation of biodiversity and sustainable management of natural resources,
consultation with affected populations, creating a process for managing forced relocations, protection of vulnerable indigenous communities, preservation of cultural heritage and grievance management,
pollution prevention and control,
fundamental principles and rights of employment, health, safety and security of local communities.

Negative effects on ecosystems and communities affected by the project should be avoided or at least limited to the extent possible, reduced and/or offset appropriately.

Implementation of the Equator Principles at MGB

The Equator Principles apply to MGB’s entire project development & finance Advisory business. Every project is classified in one of the three categories defined by the IFC, based on its location and its potential impact on the environment and the local social fabric:

A for projects with maximum potential negative impact,
B when the impact is significant but more limited, and can be corrected by remediation measures,
C when the impact is minimal or nonexistent.

A project that may displace a population, affect a vulnerable ethnic minority or have irreversible consequences for a natural habitat will thus be rated A.

An evaluation of the context is also carried out, covering the country, promoters and any problems encountered in similar projects. The goal is to assess the promoters’ ability to manage the identified potential impacts. If there is a need for increased vigilance, the deal is classified for monitoring as sensitive.

Either by extending consideration of environmental and social impacts or by always looking for an offer adapted to new society rules, MGB aims at including sustainable development stakes in all its activities.

MAGHREB GREEN BANKING

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June 05, 2011

US general backs Algeria counter-terror efforts

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GREEN BANKING & the Equator Principles:

The Equator Principles in project finance

What are the Equator Principles?

Implementation of the Equator Principles at MGB

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