Nov 30, 2020 by Coalition

Global Summit of Development Banks Fails to Learn from Destructive Past


Indigenous men and women of Nuñoa in Puno, Peru, spin and weave garments based on the fiber of the alpacas. Credit: SGP-GEF-UNDP Peru/Enrique Castro-Mendívil

In November, 450 public development banks from around the world met for the Finance in Common Summit at the Paris Peace Forum. They gathered to discuss how they can direct their combined investments of over USD 2 trillion – 10% of total investments in the world – “to support the transformation or the global economy” and “build new forms of prosperity that take care of people and the planet.”

However, the summit has done little to fundamentally transform development so it is bottom up, focussing again on government officials, bankers, think tanks, and academics over the real experts at the frontlines, who are living, breathing, and drinking the impacts of these banks policies and practices that have their stolen lands and polluted their ecosystems.

Click here to read the full article, written by Siddharth Akali (director at the Coalition for Human Rights in Development) and published by Inter Press Service on 13 November 2020.