QUESTION 3 The Equator Principles was first established in association with the World Bank's International Finance Corporation (IFC) in 2003 and since then have been adopted by nearly 50 banks aroundthe world, covering in excess of 85% of the global project finance market. The Principles were updated in mid-2006 to reflect the recent revision of the IFC's Performance Standards, on which the Principles are based. The Equator Principles is designed to have effect primarily in countries wit h developing legal frameworks. They have particular relevance to ANZ as we are a financier of projects in emerging Asian economies. By adopting the Equator Principles, ANZ has voluntarily committed to fund only new projects that can be developed and operated according to sound social and environmental standards. The Principles (P) apply to projects over USD 10 mn. a. Discuss the Equator Principles (20 Marks)

b. Identify three projects in Ghana which you think the Equator Principles should be applicable and assign reasons (10 Marks)