MKB is First Bank in Russia to Publish Equator Principles Report
Credit Bank of Moscow (MKB) is the first Russian bank to publish, on a voluntary basis, the environmental and social (E&S) Report under the Equator Principles.
The report discloses the social and environmental risk categories of the project finance transactions closed in 2020. The publication of this report is a step towards one of the goals set in MKB’s ESG strategy, namely to assess the E&S impacts of the bank's borrowers.
"One of our bank’s key ESG principles is the transparency of operations and focus on the international disclosure standards. Therefore, we have decided to publish the Equator Principles reporting on an annual basis. The risk categorisation showed that high E&S risk (category А) projects account for less than 10% by volume of financing. Later, we intend to publish the risk categorisation results for non-project finance transactions and to boost our efforts in mitigating environmental and social risks and minimising indirect adverse environmental and social impacts," commented Julia Titova, First Vice President of MKB.
The Equator Principles are an international key proven benchmark tool for assessing and managing environmental and social risks under project finance. More than 100 financial institutions worldwide have adopted, and report under, the Equator Principles.