Civil society groups call for an accountability mechanism for the Equator Principles

(Bank Track, Nijmegen, 27 August 2019) 79 civil society organisations and partners have submitted a joint statement to the Equator Principles Association (EPA) and signatory banks expressing disappointment that the current review process of the Equator Principles does not go far enough to strengthen accountability and ensure access to remedy. With the EPA currently revising the fourth iteration of the Equator Principles, the “EP4” review should be a moment of ambition for advancing accountability in project finance. Other notable submissions to the Equator Principles review process have also been made by the Investor Alliance for Human Rights and First Peoples Worldwide.  Since a number of ECAs subscribe to the Equator Principles too, and ECAs also use the underlying IFC Performance Standards as a benchmark, this joint statement is relevant to ECA practices as well.