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.