What types of environmental covenants (legal obligations in financing and insurance documents) does EDC require for projects?
Recommended covenants that establish the project’s environmental commitments vary on a case-by-case basis, depending on the nature of the project and the outcome of the environmental review. We normally confirm that a project is in compliance with the host-country laws and regulations through warranties and representations. Examples of other project requirements include conformance to international standards, timely reporting of environmental incidents and accidents, and submission of annual monitoring reports. Generally, environmental monitoring requirements are expected for Category A projects but may also be recommended for Category B.
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