The new policy takes into account new realities that influence environmental sustainability, including the development of institutional capacities among borrowing member countries; the increased role of civil society participation; the convergence of policies and harmonization among multilateral and bilateral development institutions; the need to enhance development effectiveness; the increased role of private sector investments and public/private partnerships; the commitments of leading private sector financial institutions to the Equator Principles (a framework for financial institutions to manage environmental and social issues in project financing); and the growing importance of global and regional opportunities and challenges.