A New Member of Equator Banks - Ahli United Bank (AUB)

On May1, 2011, Ahli United Bank (AUB) announced the adoption of the Equator Principles, a globally-recognized benchmark for managing social and environmental risks in Project Finance. AUB will, in accordance with declarations relevant to the Equator Principles, apply the principles to project finance activities in all sectors with capital costs of US$10 million or above, in accordance with the Equator Principles declaration.

The Equator Principles are based on the International Finance Corporation (IFC) performance standards on social and environmental sustainability, and on the World Bank Group's Environmental, Health and Safety general guidelines. The Equator Principles promote socially responsible conduct and sound environmental practices in relation to the Project Finance initiatives. The benchmark seeks to provide a framework against which investment and financing activities by financial institutions can be assessed, and it can be applied to all new project finance arrangements above US$10million.

AUB is a major project finance player in the Middle East and North Africa region. AUB has already put in place IFC's Social and Environmental Management System (SEMS). The adoption of Equator Principles is in line with AUB's existing risk framework and corporate ethos & culture of “being a socially responsible bank”. The official adoption of Equator Principles further demonstrates the bank's commitment to socially responsible lending practices. (Source: official website of the Equator Principles)