Korea Development Bank Successfully Fulfills Role as Chair of Equator Principles Association Working Group

Leading the Revision and Establishment of Implementation Guidelines by 110 Member Institutions in 38 Countries of the Equator Principles Association -
Establishing as an Advanced Financial Institution with Environmental and Social Review Capabilities and Expertise

Equator Principles Association Organization Chart

[Asia Economy Reporter Kangwook Cho] The Korea Development Bank (KDB) announced on the 23rd that, as the head of the Equator Principles Association Working Group, it has successfully completed the preparatory work for the revised Equator Principles (4th edition), which will be implemented on the 1st of next month. The association's Technical Committee is composed of leading global financial institutions such as France's Cr?dit Agricole, the United States' Citibank, and the Netherlands' ING.

KDB was appointed as the head of the Working Group, replacing JP Morgan and ING, at the annual general meeting held in Singapore last November. Since then, it has led tasks including the drafting and revision of implementation guidelines for member institutions and the preparation of translated versions of the Equator Principles in six languages.

In particular, KDB not only co-authored the implementation guidelines but also directly translated the revised Equator Principles to produce the official Korean version, leading various tasks and standing shoulder to shoulder with member institutions that first adopted the Equator Principles in 2003.

Standard Chartered, the Chair of the Equator Principles Association's Steering Committee based in the UK, expressed gratitude for KDB's efforts and expects that the successful completion of this preparatory work will significantly enhance the consistency and transparency of Equator Principles implementation.

The newly prepared implementation guidelines serve as an operational manual referenced by 110 member institutions across 38 countries. They play a key role in resolving questions regarding the procedures and methods for implementing the revised Equator Principles and promoting consistent implementation among member institutions. The association plans to make these guidelines publicly available to increase transparency in the implementation of the Equator Principles.

Having been the first in Korea to adopt the Equator Principles in January 2017 and established itself as a leader in environmental and social review, KDB is recognized for solidifying its expertise through the successful execution of the Working Group head role. Furthermore, it is credited with leading the role of lowering entry barriers for domestic financial institutions regarding the Equator Principles, thereby contributing to the strengthening and expansion of social responsibility across the entire Korean financial industry.