What’s New: Civil society organizations raise concerns on NDB Strategy and Policies during 2nd Annual Meeting
In the context of the NDB 2nd Annual Meeting held in New Delhi 31 March – 2 April 2017, human rights and environmental and social organizations from around the world demanded that the Bank’s new Strategy set forth concrete commitments and criteria for sustainable development. They also urged the Bank to hold meaningful consultations with civil society before adopting a Strategy paper.
Groups gathered to look at the various trends in development finance; mechanisms to monitor trade and finance in BRICS countries, and various stakes involved with the emergence of the BRICS New Development Bank, while others submitted recommendations for strengthening the Bank’s Environmental and Social Policy Framework.
The BRICS New Development Bank
In 2014, Brazil, Russia, India, China, and South Africa, known as the BRICS, announced the creation of the New Development Bank (NDB) and the Contingency Reserve Arrangement (CRA). BRICS governments have promoted the NDB as an alternative to the World Bank and the CRA as an alternative to the International Monetary Fund, both of which have traditionally been controlled by the United States, Europe and Japan. The stated focus of the NDB is to finance infrastructure and sustainable development in emerging market and developing countries.
With an authorized initial capital of $100 billion, the NDB will be a determinant player in global finance. Many in civil society are closely watching the development of the NDB to see whether it will promote a different type of development that contributes to the social and environmental welfare of communities and countries in the Global South, or whether it will perpetuate a model that has failed to bring real development. The international agreement establishing the NDB states that the bank must be transparent in its activities and that rules will be drafted on access to information. Although the NDB has already begun financing projects, it is still in the process of developing the internal rules that will govern project selection and implementation. In 2016, the Bank disclosed a set of policies, including an Interim Information Disclosure Policy and an Environment and Social Framework. Despite repeated calls to engage with civil society, these important policies were developed without civil society input or consultation.
The NDB is based in Shanghai, with a regional office in South Africa. Governance is shared among BRICS members: the first Chairperson of the Board of Governors will be from Russia, the Chairperson of the Board of Directors from Brazil, and India will have the first Presidency. Coalition for Human Rights in Development is working with members and allies in BRICS countries to track the development of the NDB. Will national parliaments and civil society have the opportunity to participate in an open and transparent discussion of how their countries will engage with the NDB, what type of development their financing will support, and how?
- Taking it to the Bank: Gender Issues at the New Development Bank by Shubha Chacko. PWESCR – July 2017
- Blog: Two years of the NDB: between institutional growth and social concerns – Gonzalo Roza and Gretchen Gordon – June 09, 2017
- Comments on NDB Environment and Social Framework – April 2017
- The BRICS New Development Bank Strategy. A civil society perspective for truly sustainable infrastructure and transformative development cooperation – April 2017
- New Delhi Declaration: New Development Bank – Peoples’ Perspectives – People´s Forum on BRICS – April 2017
- Letter requesting the New Development Bank to hold meaningful consultation with civil society before the approval of the NDB strategy and for its implementation and review – March 30, 2017
- Press Release of the People´s Forum on BRICS “NDB Promoting ‘Sustainable infrastructure’ without even defining it” in the Convention on New Development Bank through Peoples’ Lens – March 30, 2017
- The New Development Bank: Towards Greater Efficiency. Policy Briefing by Cyril Prinsloo – GEG Africa – October 2016
- 8th BRICS Summit Goa Declaration and Action Plan – October 16, 2016
- Goa Declaration of the People’s Forum on BRICS – October 14, 2016
- What the Brics bank forgot in its rush to get going by Baone Twala and Nomonde Nyembe. Business Live – October 15, 2016
- Does the BRICS Bank have the tools for sustainable development? by Juana Kweitel and Srinivas Krishnaswamy. China Dialogue – October 14, 2016
- BRICS: Policy Recommendations Document. Submitted for consideration by the BRICS Presidency and Civil BRICS Summit to be held in India in October 2016. By WNTA, PBI, Oxfam India and Partner Civil Society Organizations from BRICS and developing nations – October 2016.
- Factsheet: What you need to know about the BRICS New Development Bank – October, 2016
- Blog: 6 Questions as BRICS Bank Turns One – Gonzalo Roza – August 23, 2016
- Press release from civil society groups on the First Annual Meeting of the NDB. “The New Way Forward for BRICS Bank. Groups call for openness and commitment to sustainability” – July 22, 2016
- Africa’s $100 billion infrastructure gap: why Africa must seize the moment on the New Development Bank – SAIIA – July 20, 2016.
- The New Development Bank: Moving the BRICS from an Acronym to an Institution – SAIIA – June 2016
- Development Finance in Africa – May 2016
- Making Sustainable Development the Key Focus of the BRICS New Development Bank – SAIIA – May 2016
- Press release from civil society groups in BRICS countries and their letter to the NDB – April 12, 2016
- Letter to BRICS New Development Bank – November 30, 2015 (English / Spanish)
- Blog: A New Development Model for the BRICS New Development Bank – Gretchen Gordon and Deepika Padmanabhan – July 23, 2015
- Civil BRICS Forum Statement 2015
- Opinion piece: BRICS have a chance to succeed where World Bank has failed, The Guardian, July 29, 2015
- Opinion piece: New Development Bank- time to take on obligations for Human Rights, Brazil, July 15, 2015
- 7th BRICS Summit Ufa Declaration – July 9, 2015
- Letter from civil society organizations: Four Principles to make the New Development Bank truly new – July 8, 2015 (English / Portuguese / Spanish / French / Russian)
- Table showing NDB ratification process and status in each BRICS country – July, 2015
- CALS Open Letter to South Africa Parliamentary Committees on BRICS NDB
- CALS recommendations to South Africa Joint Meeting of the Standing Committee on Finance & Select Committee on Finance on BRICS NDB
- South Africa Standing Committee on Finance report on BRICS NDB
- Policy Insights 10: The BRICS Contingent Reserve Arrangement and its Position in the Emerging Global Financial Architecture – SAIIA – March 2015
- BRICS Insights 6: BRICS In Their Regions: Exploring The Roles Of Regional Finance – SAIIA – 2015
- BRICS Insights 5: Regional Financial Institutions and the Role of the BNDES in Latin America – SAIIA – 2015
- BRICS Insights 4: National and Multilateral DFIs in Russia and the impact of the BRICS New Development Bank – SAIIA – 2015
- BRICS Insights 3: The Rise of Development Finance Institutions South Africa, BRICS and Regional Strategy – SAIIA – 2015
- BRICS Insights 2: New South–South Co-operation and the BRICS New Development Bank – SAIIA – 2015
- BRICS Insights 1: India’s Experience with Multilateral Financial Institutions – SAIIA – 2015
- Overview of Infraestructure Financing in Latin America: What kind of regional context is the new BRICS bank entering? – September, 2014
- Letter from Brazilian organizations re: New Development Bank – July, 2014
- BRICS Development Bank: Why the World’s Newest Global Bank must Adopt a Pro-Poor Agenda- Oxfam India – July, 2014
- BRICS Agreement on the New Development Bank – July 15, 2014