Oil project lending faces new environmental litmus test

10/13/2003
A group of major international banks led by ABN Amro Bank NV, Amsterdam; Barclays PLC, London; Citigroup Inc., New York; and WestLB AG, Düsseldorf, has disclosed plans to follow environmental policies of the International Finance Corp., the private-sector arm of the World Bank Group, in their project lending around the world.Early estimates suggest that this agreement, known as the Equator Principles, may cover more than $100 billion in global investment over the next decade. The Equator Principles (EP) guidelines will apply to capital projects of $50 million or more.Since the announcement of that plan by 10 banks in June, 6 more institutions have joined the EP group, and additional ...
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