ECOBANK TRANSNATIONAL INCORPORATED

Adoption Date: 1 January 2012
Country of Headquarters: Togo
Region of Headquarters: Africa
Institutional Reporting Hyperlink: http://ecobank.com/group/ethics-and-society
Current EPFI Reporting Year/Period: 2015
EPFI Reporting in Compliance: Yes

 

Please read the important notes and disclaimer for further information on 'EPFI Reporting', compliance and publication on the Equator Principles Association website.


Further information on this EPFI may be obtained through the Institutional Reporting Hyperlink above.


PROJECT FINANCE ADVISORY SERVICES


Total number mandated in the reporting period: 0

PROJECT FINANCE TRANSACTIONS


Total number that reached financial close in the reporting period: 0

PROJECT-RELATED CORPORATE LOANS


Total number that reached financial close in the reporting period: 0

IMPLEMENTATION REPORTING


Over the years, Ecobank’s success as a growing company has been tied directly to our Pan-African vision, our innovative tailor-made banking solutions and our commitment to sustainable banking practices. In our approach to sustainable banking, we strategically integrate the economic, social and environmental factors in decision-making as well as financial resource allocations. Today, we remain steadfast to the tenets of sustainability as it is applied in the banking sector and we conduct our activities in an environmentally friendly and socially responsible manner. We are leveraging our wide geographic footprint in driving our “eco-friendly” brand and promoting sustainability across Africa.

Sustainability is an integral part of the Ecobank Mission and our journey has been evolving since the establishment of Ecobank in 1989, followed by the Ecobank membership of the United Nations Environment Programme Finance Initiative (UNEPFI) in 2009, signatory to the United Nations Global Compact (UNGC) in 2011 and adoption of the Equator Principles in 2012 coupled with the increasing activities of the Ecobank Foundation as well as the formation of the Social, Reputation and Ethics Committee (SREC)of the ETI Board with a focus on sustainability in Ecobank. The journey has been dynamic and marked by an ever-evolving set of challenges and opportunities.

Since the adoption of Equator Principles (EP) in 2012, the bank has applied these Principles to improve its internal policies governing project finance and project related corporate loans, specifically for projects valued at $10million or more, as well as in larger projects where the Bank’s contribution to project-related corporate lending is in excess of $50 million. Thus, Ecobank continues to demonstrate its commitment to environmental and social performance beyond the EP recommendations.

Furthermore, Ecobank has incorporated the EP within its internal Environment and Social Management Systems (ESMS), which were developed on the basis of the IFC’s Performance Standards, as well as our cooperation with other financial institutions regarding the interpretation of environmental and social management standards in credit review processes.

Ecobank has gained a better understanding to ensure that project finance and other eligible transactions are developed in a socially responsible manner, which reflects sound environmental management practices. We continue to ensure that detrimental socio-environmental impacts are avoided and, where possible, engages with project participants to carry out remedial measures. Ecobank ensures that its clients agree to such measures and set up compliance monitoring and reporting systems.

EP guidelines were taken into consideration in financing all EP eligible project-finance and eligible transactions in 2015, which were mostly in the EP’s B and C environmental and social risk categories. Ecobank did not compromise on its environmental and social performance obligations. Tenors of Ecobank’s participation as sole financier and as a participant range from renewable short-medium terms to long term financing.

Specifically in 2015, Ecobank did not participate in any EP eligible transactions. Nonetheless, as an Equator Principles Financial Institution (EPFI) member, Ecobank actively participated in official activities organised by the EP Secretariat, including attendance at the EPFI’s Annual Meeting in Washington D.C. in December 2015. Within the EP Association, Ecobank is a co-chair of the Biodiversity Working Group. This group has the responsibility for networking and knowledge sharing of best practices, in cooperation with multilateral institutions and development banks that undertake project finance in Africa in accordance with the Principles’ guidelines.