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

by Oxfam Canada | July 15, 2014

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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