The bank was seen as a potential alternative to the World Bank and able to take a new approach to development finance.
The New Development Bank, which was formed in July 2014, marks its eighth birthday this year. It was formed by the leaders of Brazil, Russia, India, China and South Africa when they met in Fortaleza, Brazil for the bloc’s summit.
The bank’s mission statement expresses its objective of not only “achieving development goals with transparency” but also displaying “empathy” towards its projects’ intended beneficiaries.A study on transparency and accountability by Oxfam South Africa and the University of Pretoria’s Centre for Human Rights raises concerns about how the bank handles access to information. It also lacks an independent accountability mechanism.
The study demonstrates the difficulty of getting project information. The New Development Bank’s responses to information requests from the researchers lacked adequate detail. Without timely and comprehensive access to information, how can communities affected by projects adequately address their concerns?
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