The BRICS Development Bank: Why the world’s newest global bank must adopt a pro-poor agenda

The new BRICS development bank must support the reduction of inequality and foster sustainable development, instead of repeating traditional development financing which has reinforced export-oriented growth and mega infrastructure.

In July 2014, a new multilateral and southern-led development bank was launched by the leaders of Brazil, Russia, India, China and South Africa – better known as the BRICS.

The BRICS Development Bank will provide a fresh source of finance for developing and emerging economies to meet their development needs. While governments negotiate the technicalities of the Bank, it is critical that they also provide a solid vision of the principles, priorities and objectives on which the Bank’s activities and operations will be premised.

This policy brief recommends that these include commitments to:

  • end extreme poverty and inequality, with a special focus on gender equity and women’s rights;
  • align with environmental and social safeguards and establishing mechanisms for information sharing, accountability and redress;
  • leadership on the sustainable development agenda;
  • the creation of mechanisms for public consultation and debate; and
  • the adoption a truly democratic governance structure.
     
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The BRICS Development Bank
Why the world’s newest global bank must adopt a pro-poor agenda

DownloadThe BRICS Development Bank - Summary
Why the world’s newest global bank must adopt a pro-poor agenda
Publication Date: 
July 2014
Publication Author: 
Oxfam International: Lysa John, activist and researcher