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IDFC becomes first Indian institution to adopt Equator principles

IDFC Limited announced its adoption of the Equator Principles, an internationally accepted credit risk management framework for determining, assessing and managing environmental and social risk inProject Finance transactions.

"We are delighted and proud to be the first signatory to the Equator Principles from India. Adoption of the Equator Principles is part of IDFC's goal of contributing to Nation Building in an environmentally and socially sustainable manner. IDFC has always been a pioneer in the field of environment risk management. Signing of the Equator Principles is a logical progression in maintaining our leadership role in this regard" said Dr. Rajiv Lall, Executive Chairman of IDFC Ltd.

Representational image: Reuters

Representational image: Reuters

The Equator Principles are adopted voluntarily byfinancial institutions and are applied where total project capital costs exceed US$10 million. The Principles are based on the International Finance Corporation's (IFC)Performance Standards on Environmental and Social Sustainability, and on the WorldBank Group's Environmental, Health and Safety Guidelines.

Vikram Limaye, MD & CEO of IDFC Ltd. said "Since inception IDFC has mainstreamed environmental and social risk management into its business operations. This initiative is an indicator of our resolve to integrate the global best practices in our risk management framework. Being an EP signatory reinforces IDFC's leadership position in environmental risk management and should enable IDFC gain access to more diverse funding sources from international institutions that consider environmental best practices as a key funding criterion ".