Equator Principles III comes into effect
A new version of the Equator Principles came into effect on 4 June 2013. The new Equator Principles have been extended in scope and impose new requirements on financial institutions and export credit agencies. For the first time, they include express requirements regarding human rights.
Equator Principles III (EPIII) continues to apply to project finance but has been expanded to cover project-related corporate loans (including buyer credit from an export credit agency), bridge loans and advice on developments that may involve project finance. EPIII imposes new requirements for borrowers to perform due diligence on a project’s human rights impacts, evaluate and report on greenhouse gas emissions and negotiate with indigenous peoples affected by a project.
Although EPIII was designed to come into effect on 4 June 2013, it applies to all new transactions from 1 January 2014. In the meantime, previous versions of the Equator Principles may still be used, and for this reason parties entering into project finance contracts before 31 December 2013 should state clearly whether EPIII applies…
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