In June 2003, 10 leading international banks have adopted new voluntary guidelines, called the Equator Principles, in order to promote the sustainable development of project financing. In recent years, non-governmental organizations (NGOs) have been raised about the responsibility of creditors in projects that could harm the environment and / or the public. While many banks have environmental policies in place, a single industry standard does not exist. Principles borrowed from and with the active support of the World Bank's International Finance Corporation (IFC), established guidelines for banks to fund only projects that were "socially responsible and reflected sound environmental management practices." Some NGOs have welcomed the efforts of banks, others criticized the guidelines on reasons related to their areas, implementation of procedures and enforcement mechanisms. Equator banks had to decide what to do next. They might try to get more banks (and export credit agencies), development of implementation procedures, and respond directly to the criticism. "Hide < br /> by Benjamin C. Esty, Aldo Sesia, Carin-Isabel Knoop Source: Harvard Business School 21 pages. Publication Date: June 16, 2005. Prod. #: 205114-PDF-ENG
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