Minister for International Trade Greg Hands welcomed the news, saying:
As a member of the Equator Principles steering committee, UKEF will play its role in promoting sustainable business practices among the global trade community. Its appointment is a recognition of the UK government’s commitment to sustainable financial decision-making.
The Equator Principles, which UKEF adopted in April 2016, is a global set of standards that promotes sustainable environmental, social and human rights decision-making in financing projects.
As a member of the steering committee, UKEF will play a leading role in ensuring that the standards are comprehensively applied across project and other financing. UKEF will also contribute to the future development of the Equator Principles.
Since their introduction in 2003, the standards have been adopted by 90 financial institutions in 37 countries, covering over 70% of international project finance in emerging markets. The Equator Principles Association has brought these financial institutions together with stakeholders, including non-governmental organisations, business and industry, to develop mutual environmental and social principles.
UKEF joins nine other financial organisations on the steering committee, which is currently chaired by Standard Bank Group.
Find out more about the Equator Principles here.