As a result of the frustration of not being let join the top table of the Bretton Woods institutions, the BRICS grouping and its members have gone about setting up their own new IFIs in recent years, as an implicit challenge to the hegemony and financial control of traditional Western powers. While they have often used the language of South-‐South solidarity, and of transforming global dynamics to more genuinely address and include the needs and wants of the majority of the world living in the Global South, but many still see the BRICS financial projects as reflecting not a desire for radical economic transformation, but a wish to establish themselves as new hegemonic global powers, and assert the same control of international economic dynamics that Western powers previously had.
The Centre for Financial Accountability aims to strengthen and improve financial accountability within India by engaging in critical analysis, monitoring and critique of the role of financial institutions – national and international, and their impact on development, human rights and the environment, amongst other areas.
For more information visit http://www.cenfa.org Get in touch with us at info@cenfa.org
We also publish Finance Matters, a weekly newsletter on the development finance.
The archive can be accessed at http://www.cenfa.org/newsletter-archive/ To subscribe, email us at newsletter@cenfa.org
Global Philanthropists and European Development CooperationDr Lendy Spires
This document summarizes characteristics of global philanthropists and their engagement in development efforts. It finds that while philanthropic giving represents a small portion of overall development funding, it is growing and distributed globally with a focus on health, education, agriculture and disaster relief. The largest philanthropic contributions come from US-based foundations like the Bill & Melinda Gates Foundation, but European philanthropic engagement is also increasing. The document recommends that European development actors strengthen engagement with philanthropists by promoting transparency in reporting, facilitating knowledge sharing between public and private actors, and improving coordination among European donors to maximize complementarity with philanthropic efforts.
Challenges for International Development CooperationDr Lendy Spires
Brazil has emerged as an influential regional power and global actor, advocating for developing countries. While still facing development challenges itself, Brazil provides development aid and engages in South-South cooperation to strengthen relationships with other developing nations. Brazil sees its development cooperation as an instrument of its foreign policy, using it to expand South-South cooperation and shape global governance structures. As an emerging donor, Brazil presents both opportunities and risks for international development that warrant further analysis.
CIHA Blog Conference PP PresententationIsrael Laizer
This document summarizes the key arguments made in a research paper about the impact of foreign aid and faith-based organizations (FBOs) on African governance. It argues that foreign aid and FBOs have historically undermined African sovereignty and governance in several ways: (1) They have weakened accountability by pressuring countries to adopt certain reforms; (2) They have weakened democracy; and (3) They have increased exploitation and undermined the rule of law. Regarding FBOs specifically, the document notes they have undermined governance through their nature of operations, historical roles in Africa, lack of autonomy due to reliance on Western donors, and failure to prioritize governance. It concludes that while FBOs provide important services
International Financial Institutions, Middle East, North Africa a primer for ...Dr Lendy Spires
Preface What is this primer? The purpose of this Primer is to shed light on the operations and impacts of international financial institutions (IFIs) that are active in the Middle East and North Africa (MENA), such as the World Bank and the International Monetary Fund, and to reveal how individuals and communities can hold those institutions accountable. The Primer aims at helping civil society groups in the region to more actively and critically engage with those IFIs in setting the development agenda and shaping policies and investments in their countries. What is the “MENA region”? BIC’s MENA program considers the region to be made up of the following predominantly Arabic-speaking countries: Morocco, Algeria, Tunisia, Libya, Egypt, West Bank and Gaza, Jordan, Syria, Lebanon, Iraq, Kuwait, Bahrain, Qatar, United Arab Emirates, Oman, Yemen, and Saudi Arabia. BIC also includes Iran and Israel within its MENA program. However, the countries defined as “MENA” vary from one institution to another, either for political reasons or simply because of the geographic mandate of the institution. The table on Page 6 shows the countries considered part of the MENA region by each IFI discussed in this Primer. The wide range of economic and political conditions of the countries in the MENA region means that relations with IFIs vary considerably from one government to the next. Conflict-affected countries such as Lebanon, Iraq and Palestine, depend to a great extent on IFIs for financing and coordination of donor activities. A smaller number of the region’s countries that are considered “poor”, like Yemen, also rely fairly heavily on financing from IFIs. However, most countries in MENA are considered “middle income countries” by IFIs, and thus are not eligible for grants or the lowest-interest loans that the institutions offer. These countries are also better able to turn to other sources like private banks and commercial investors, to borrow money. Still other countries in the region are world-renowned for their oil riches, and thus are actually in the position of being “donor” countries rather than borrowers at
I os and peer pressure an examination of the development assistance committee...Dr Lendy Spires
This document discusses a study examining whether international organizations can influence the foreign policies of member states. Specifically, it analyzes the Development Assistance Committee (DAC) of the Organization for Economic Cooperation and Development (OECD), which uses a formal peer review process to assess member states' development aid programs. Through archival research and interviews, the study models the interaction between DAC and member states like the UK. It aims to determine if peer pressure is an effective tool for DAC to influence aid policies in line with agreements like the Paris Declaration.
Is Foreign Debt A Problem Of BangladeshRayees Aryan
This document discusses external debt and foreign aid in developing countries, specifically Bangladesh. It provides background on external debt, how it is incurred by governments and includes money owed to other governments and international financial institutions. It then discusses the debt of developing countries, how some levels of debt accumulated following the 1973 oil crisis when prices increased. It also notes that while some funds went to infrastructure, a proportion was lost to corruption or spent on arms. The document discusses debates around cancelling developing country debts and reasons for and against cancellation. It provides an overview of foreign aid received by Bangladesh since independence, including key sectors aided. It discusses types of aid including grants, loans, food aid and project aid. It concludes by discussing perspectives on the relationship between
The document discusses Armenia's economy and key development challenges. It notes that Armenia experienced strong growth following the global financial crisis, but the economy remained dependent on non-tradable sectors. Poverty decreased but inequality increased. The World Bank intends to support job creation through improving the business environment, agriculture, infrastructure, and macroeconomic stability. Priority reform areas include health, education, social protection, disaster risk management, and anti-corruption.
The document discusses the external debt of the Philippine government from 1965 to 2010. It provides details on:
1) The external debt increasing under the administrations of Ferdinand Marcos and Corazon Aquino in the 1960s-1980s, reaching $28 billion by 1986.
2) The debt peaking at $57.6 billion under Gloria Macapagal-Arroyo in 2003, leading to fiscal crisis.
3) Ways governments can reduce external debts including issuing bonds, maintaining low interest rates, spending cuts, and raising taxes. However, many countries still face large and growing debts despite these actions.
Global Philanthropists and European Development CooperationDr Lendy Spires
This document summarizes characteristics of global philanthropists and their engagement in development efforts. It finds that while philanthropic giving represents a small portion of overall development funding, it is growing and distributed globally with a focus on health, education, agriculture and disaster relief. The largest philanthropic contributions come from US-based foundations like the Bill & Melinda Gates Foundation, but European philanthropic engagement is also increasing. The document recommends that European development actors strengthen engagement with philanthropists by promoting transparency in reporting, facilitating knowledge sharing between public and private actors, and improving coordination among European donors to maximize complementarity with philanthropic efforts.
Challenges for International Development CooperationDr Lendy Spires
Brazil has emerged as an influential regional power and global actor, advocating for developing countries. While still facing development challenges itself, Brazil provides development aid and engages in South-South cooperation to strengthen relationships with other developing nations. Brazil sees its development cooperation as an instrument of its foreign policy, using it to expand South-South cooperation and shape global governance structures. As an emerging donor, Brazil presents both opportunities and risks for international development that warrant further analysis.
CIHA Blog Conference PP PresententationIsrael Laizer
This document summarizes the key arguments made in a research paper about the impact of foreign aid and faith-based organizations (FBOs) on African governance. It argues that foreign aid and FBOs have historically undermined African sovereignty and governance in several ways: (1) They have weakened accountability by pressuring countries to adopt certain reforms; (2) They have weakened democracy; and (3) They have increased exploitation and undermined the rule of law. Regarding FBOs specifically, the document notes they have undermined governance through their nature of operations, historical roles in Africa, lack of autonomy due to reliance on Western donors, and failure to prioritize governance. It concludes that while FBOs provide important services
International Financial Institutions, Middle East, North Africa a primer for ...Dr Lendy Spires
Preface What is this primer? The purpose of this Primer is to shed light on the operations and impacts of international financial institutions (IFIs) that are active in the Middle East and North Africa (MENA), such as the World Bank and the International Monetary Fund, and to reveal how individuals and communities can hold those institutions accountable. The Primer aims at helping civil society groups in the region to more actively and critically engage with those IFIs in setting the development agenda and shaping policies and investments in their countries. What is the “MENA region”? BIC’s MENA program considers the region to be made up of the following predominantly Arabic-speaking countries: Morocco, Algeria, Tunisia, Libya, Egypt, West Bank and Gaza, Jordan, Syria, Lebanon, Iraq, Kuwait, Bahrain, Qatar, United Arab Emirates, Oman, Yemen, and Saudi Arabia. BIC also includes Iran and Israel within its MENA program. However, the countries defined as “MENA” vary from one institution to another, either for political reasons or simply because of the geographic mandate of the institution. The table on Page 6 shows the countries considered part of the MENA region by each IFI discussed in this Primer. The wide range of economic and political conditions of the countries in the MENA region means that relations with IFIs vary considerably from one government to the next. Conflict-affected countries such as Lebanon, Iraq and Palestine, depend to a great extent on IFIs for financing and coordination of donor activities. A smaller number of the region’s countries that are considered “poor”, like Yemen, also rely fairly heavily on financing from IFIs. However, most countries in MENA are considered “middle income countries” by IFIs, and thus are not eligible for grants or the lowest-interest loans that the institutions offer. These countries are also better able to turn to other sources like private banks and commercial investors, to borrow money. Still other countries in the region are world-renowned for their oil riches, and thus are actually in the position of being “donor” countries rather than borrowers at
I os and peer pressure an examination of the development assistance committee...Dr Lendy Spires
This document discusses a study examining whether international organizations can influence the foreign policies of member states. Specifically, it analyzes the Development Assistance Committee (DAC) of the Organization for Economic Cooperation and Development (OECD), which uses a formal peer review process to assess member states' development aid programs. Through archival research and interviews, the study models the interaction between DAC and member states like the UK. It aims to determine if peer pressure is an effective tool for DAC to influence aid policies in line with agreements like the Paris Declaration.
Is Foreign Debt A Problem Of BangladeshRayees Aryan
This document discusses external debt and foreign aid in developing countries, specifically Bangladesh. It provides background on external debt, how it is incurred by governments and includes money owed to other governments and international financial institutions. It then discusses the debt of developing countries, how some levels of debt accumulated following the 1973 oil crisis when prices increased. It also notes that while some funds went to infrastructure, a proportion was lost to corruption or spent on arms. The document discusses debates around cancelling developing country debts and reasons for and against cancellation. It provides an overview of foreign aid received by Bangladesh since independence, including key sectors aided. It discusses types of aid including grants, loans, food aid and project aid. It concludes by discussing perspectives on the relationship between
The document discusses Armenia's economy and key development challenges. It notes that Armenia experienced strong growth following the global financial crisis, but the economy remained dependent on non-tradable sectors. Poverty decreased but inequality increased. The World Bank intends to support job creation through improving the business environment, agriculture, infrastructure, and macroeconomic stability. Priority reform areas include health, education, social protection, disaster risk management, and anti-corruption.
The document discusses the external debt of the Philippine government from 1965 to 2010. It provides details on:
1) The external debt increasing under the administrations of Ferdinand Marcos and Corazon Aquino in the 1960s-1980s, reaching $28 billion by 1986.
2) The debt peaking at $57.6 billion under Gloria Macapagal-Arroyo in 2003, leading to fiscal crisis.
3) Ways governments can reduce external debts including issuing bonds, maintaining low interest rates, spending cuts, and raising taxes. However, many countries still face large and growing debts despite these actions.
Aid effectiveness refers to how effectively development aid achieves economic and human development goals. Over time, aid became fragmented and distributed based on geopolitical goals rather than need. This reduced aid's effectiveness. In recent decades, efforts have sought to improve aid's coordination and alignment with developing countries' priorities through agreements like the Paris Declaration. However, fully implementing reforms to make aid more effective based on country ownership and systems remains a ongoing challenge.
Private Philanthropy: An Overview On Giving in The U.S. and WorldwideAndrew Tulchin
Private philanthropic giving from individuals, corporations and foundations contri-butes a significant proportion to value flows related to development aid and other social change efforts. Private sector actors are important sources of funding to NGOs and multilateral organizations – either working for causes in their home societies or seeking to improve the lives of poorer groups in developing countries. In many cases, they provide occasional donations, and also establish long-term partnerships with non-profits, foundations, and government stakeholders.
This white paper provides an overview on giving practices in the private sector. By summarizing existing literature and drawing on secondary data, it explores the variety of private philanthropy across regions and by donor type. Additionally, it outlines emerging new waves and concerns for private philanthropy.
The rise of China as a very visible actor in Africa is one of the most striking features of the first decade of the new millennium. Trade between the two regions is projected to reach $100 billion before 2010, ten times the 2000 figure. Accumulated investment by Chinese firms doubled from $6.27 to almost $12 billion between 2005 and 2006, and Chinese banks have offered attractive (and sometimes very large) packages of loans to finance trade, investment, and development.
Many African governments welcomed China’s announcements of further aid, trade, and investment at a major China–Africa summit in November 2006 in Beijing. At the same time, the rise of China has been greeted with fear and apprehension by many in the United States, Europe, and Africa who see this strong interest more as a threat than an opportunity. Although trade and investment are two central means by which China and Africa engage this paper focuses primarily on development finance and official development assistance: the broad spectrum of activities called “foreign aid.”
For the most part, the donor community focused on Chinese aid only recently, and in many cases only with the publicity surrounding the November 2006 Forum on China–Africa Cooperation in Beijing, where Chinese president Hu Jintao pledged to double China’s aid to Africa by 2009 (Box 1). He also promised to offer $3 billion in preferential loans and $2 billion in preferential export buyers credits, establish three to five special trade and economic zones, allow more than 400 kinds of goods into China duty-free, and set up a $5 billion fund to support investment by Chinese firms in African economies.
Later that year the president of the China Export Import Bank (Eximbank), Li Ruogu, announced that he hoped to disburse up to $20 billion in finance for African projects over the next three years. Box 1: Address by Chinese President Hu Jintao, Beijing Summit of The Forum on China–Africa Cooperation, 4 November 2006 To forge a new type of China-Africa strategic partnership and strengthen our cooperation in more areas and at a higher level, the Chinese Government will take the following eight steps:
1. Double its 2006 assistance to Africa by 2009.
2. Provide US$3 billion of preferential loans and US$2 billion of preferential buyer’s credits to Africa in the next three years.
3. Set up a China-Africa development fund which will reach US$5 billion to encourage Chinese companies to invest in Africa and provide support to them.
4. Build a conference center for the African Union to support African countries in their efforts to strengthen themselves through unity and support the process of African integration.
5. Cancel debt in the form of all the interest-free government loans that matured at the end of 2005 owed by the heavily indebted poor countries and the least developed countries in Africa that have diplomatic relations with China...
This document provides an overview of Latin America's contributions to international relations theory and practice. It discusses how Latin American perspectives have sought to expand mainstream international relations beyond a Euro-American focus to incorporate regional contexts and non-Western voices. Key contributions discussed include dependency theory, theories of autonomy, and post-hegemonic regionalism. The document also examines Latin American norms related to sovereignty, non-intervention, and international law. It analyzes how Latin American agency and autonomy have operated within structural constraints posed by regional hegemony. Overall, the summary provides a high-level view of Latin America's diverse and evolving influences on global debates around development, foreign policy, and visions of the international order.
The document discusses regional economic integration agreements and provides information about BRICS (Brazil, Russia, India, China, South Africa). It outlines the formation and focus of the BRICS Forum, including establishing a development bank and addressing issues like poverty, healthcare, and infrastructure. It also provides economic overviews and statistics for each BRICS country, mentions potential new members, challenges faced by BRICS, and concludes that BRICS markets are well positioned for long-term growth despite short-term uncertainties.
Contemporary christian organizations in the development of mass communication...Alexander Decker
Christian organizations in Nigeria have contributed significantly to the development of mass communication in recent years. They engage print and electronic media to spread their religious messages, contributing to growth in advertising, education and training, employment, and reading culture. While primarily aiming to propagate religious values, these organizations have directly and indirectly supported national development, including the media sector. Their activities are an important part of Nigeria's social landscape and have noticeable impacts on patterns of development in the country.
This document discusses India's international relationships and their impact on the country's economic growth. It provides context on the history of international relations and outlines key determinants of foreign policy. India maintains relationships with many countries around the world, and its national security relies on both internal strength and its ability to exist and develop within the international environment. Bilateral relationships, regional and global groups, and the policies of other nations can all affect India's interests. Examining these dynamics and China's growing global influence is important for understanding India's current international policies and their role in economic development.
Madam humaira's persentation on world bankOm Parkash
The document is a presentation submitted to Humaira Dogar of the World Bank by Om Parkash & Group. It provides an introduction and overview of the World Bank, including its history, vision, mission, structure, areas of operation, objectives, functions, SWOT analysis, and importance. It notes that the World Bank was established in 1944 at the Bretton Woods Conference to provide loans to developing countries for capital programs. It currently has 188 member countries in the IBRD and 173 in the IDA.
This document is the annual report of the Robert Sterling Clark Foundation for 2012. It provides an overview of the Foundation's grants and activities that year across its three program areas: promoting international arts engagement, protecting reproductive rights, and improving the performance of public institutions in New York. A total of $4.78 million was appropriated to 53 grantees. The report describes the goals and strategies within each program area, and provides details on several specific grants made to organizations such as Art21, Bang on a Can, and the Brooklyn Academy of Music.
Ashley Sheppard - Building the Canadian Advantage, IR-MRPAshley Sheppard
The document summarizes a study on how the Canadian government has used foreign aid to promote commercial interests abroad under the Harper government. It discusses two specific projects - the Corporate Social Responsibility Strategy and Development Finance Initiative - that illustrate this shift. The paper argues that the main objective of these programs is to advance Canadian commercial interests rather than development goals, demonstrating a lack of transparency and accountability that has reduced aid effectiveness.
BRICS is an international organization consisting of five major emerging economies: Brazil, Russia, India, China and South Africa. Formed in 2009, BRICS aims to enhance cooperation between these countries in multilateral forums and promote economic and political ties. The organization has led to the establishment of new institutions like the New Development Bank and Contingency Reserve Arrangement that allow BRICS nations to challenge the influence of Western financial bodies like the IMF and World Bank. With nearly half the world's population and a growing share of global GDP, BRICS represents a significant geopolitical force.
What can be the impacts of the BRICS new financial institutions?Jimmy Huang
Introduction: The diversity of sources of international development finance has increased dramatically in recent years
Part1: BRICS group signed to create two new financial institutions during the sixth BRICS summit in Brazil in 2014
- New Development Bank (NDB)
- Contingency Reserve Arrangement (CRA)
Part2: China leverages its influence and capitalizes on emerging and developing countries with new financial institutions
- AIIB and Silk Road Fund co-finance One Belt One Road (OBOR)
- AIIB provides an addition to reduce infrastructure-funding gap in Asia
Wrap-up: Understand features of the new development finance institutions and roles of regional finance
A briefing I built and gave for my class on "The Politics of Aid." Looks at U.S. aid priorities and presents facts regarding which countries they go to and which objectives our aid supports.
http://profitableinvestingtips.com/investing-tips/what-happened-to-the-brics
What Happened to the BRICS?
A few years ago the BRICS nations seemed ready to move into the first ranks of the world economy. Today the economies of Brazil, Russia, India, China and South Africa are having their problems. What happened to the BRICS? Radio Free Europe reports on BRICS woes.
Brazil, Russia, India, China, and South Africa — the BRICS — hope to move the world away from the U.S. dollar and Western-dominated financial institutions, which they say do not meet the needs of emerging economies.
But steep drops in recent weeks in the currencies of the five countries, which account for 40 percent of the world’s population and about one-fifth of global economic output, underscore how difficult it would be for any of them to take the dollar’s place.
The problems of the BRICS nations vary case by case but the global economic slowdown is a culprit for all of them. Russia is hurt by low oil prices, which help the others to greater or lesser degrees. Brazil is hurt by slowing demand for raw materials from China which in turn is seeing its economy slow down due to decreasing demand from Europe especially. What happened to the BRICS is a case by case story.
Russian Adventurism
In response to the Russian annexation of Crimea and support of separatists in Ukraine the USA and EU imposed economic sanctions on Russia. CNN Money writes about how badly sanctions have hurt Russia.
The document discusses the BRICS alliance between Brazil, Russia, India, China and South Africa. It summarizes that BRICS countries represent over half of global growth and nearly 30% of global GDP. BRICS was formed to give these emerging economies more influence on global issues. However, fractures have emerged between BRICS members on issues like Libya and Syria where they did not take a unified position. The document also outlines criteria for BRICS membership and notes proposals to expand membership to other developing countries.
This document discusses challenges related to migration and development cooperation. It notes that while migration brings both opportunities and challenges, perceptions of migrants are often negative. The 2030 Agenda and Global Compact on Migration provide a framework for managing migration in a way that benefits development. However, locally-led solutions tailored to specific contexts are needed. Collecting disaggregated data on migration and the SDGs can help inform evidence-based policies. Advocacy is also important to change negative narratives around migration and highlight migrants' contributions. Protecting vulnerable groups like women and ensuring their participation is key. Cooperation between countries is necessary to develop protection-sensitive policies on mixed migration flows.
Ferdinand Marcos greatly increased the Philippines' foreign debt during his presidency from 1965 to 1986, raising it from $360 million to $26.2 billion. This debt was accumulated to finance domestic expansion and economic development projects, but resulted in difficulties servicing payments. Subsequent presidents struggled with the large debt burden, though Fidel Ramos was able to reduce debt ratios through restructuring and Gloria Arroyo maintained relatively low debt increases through tax reforms and economic growth. However, debt continued rising and fiscal crises emerged under some administrations due to factors like political instability, economic downturns, and high spending.
The document provides an overview of key concepts in American foreign policy including what foreign policy entails, the major components of U.S. foreign policy, and the roles of the president and Congress in shaping foreign policy. It also discusses several important doctrines and organizations that have influenced American foreign policy such as the Truman Doctrine, NATO, the United Nations, and how foreign policy decisions made by the U.S. can impact its citizens.
This article analyzes the history of the World Bank during its first fifty years. It is argued that since its beginnings the Bank has used credit as a lever to expand its influ-ence and institutionalize economic ideas, concepts of the world, and political prescrip-tions in client states. Behind its technical façade, the Bank has always acted, albeit in different forms, in the interface of the political, economic, and intellectual fields at the international level, due to its singular condition as a lender, political actor, and inductor of ideas and prescriptions about what to do in questions of capitalist development, from an Anglo-Saxon perspective. Based on a wide and varied international literature and the sources of the institution itself, the text approaches the theme taking into account the US policy towards the institution, changes in international economic policy, and the principal
deisios of the Baks oad.
This paper analyzes new global financial institutions established by BRICS nations in response to their frustration with the lack of reform in the IMF and World Bank. The BRICS nations created the New Development Bank and Contingency Reserve Arrangement to decentralize global economic power and provide an alternative to the Western-dominated institutions. The paper explores the political and financial implications of this move and predicts a trend toward weakening the US dollar's role in the global economy. It summarizes the establishment of the NDB and CRA, including governance structure and initial capital contributions.
Aid effectiveness refers to how effectively development aid achieves economic and human development goals. Over time, aid became fragmented and distributed based on geopolitical goals rather than need. This reduced aid's effectiveness. In recent decades, efforts have sought to improve aid's coordination and alignment with developing countries' priorities through agreements like the Paris Declaration. However, fully implementing reforms to make aid more effective based on country ownership and systems remains a ongoing challenge.
Private Philanthropy: An Overview On Giving in The U.S. and WorldwideAndrew Tulchin
Private philanthropic giving from individuals, corporations and foundations contri-butes a significant proportion to value flows related to development aid and other social change efforts. Private sector actors are important sources of funding to NGOs and multilateral organizations – either working for causes in their home societies or seeking to improve the lives of poorer groups in developing countries. In many cases, they provide occasional donations, and also establish long-term partnerships with non-profits, foundations, and government stakeholders.
This white paper provides an overview on giving practices in the private sector. By summarizing existing literature and drawing on secondary data, it explores the variety of private philanthropy across regions and by donor type. Additionally, it outlines emerging new waves and concerns for private philanthropy.
The rise of China as a very visible actor in Africa is one of the most striking features of the first decade of the new millennium. Trade between the two regions is projected to reach $100 billion before 2010, ten times the 2000 figure. Accumulated investment by Chinese firms doubled from $6.27 to almost $12 billion between 2005 and 2006, and Chinese banks have offered attractive (and sometimes very large) packages of loans to finance trade, investment, and development.
Many African governments welcomed China’s announcements of further aid, trade, and investment at a major China–Africa summit in November 2006 in Beijing. At the same time, the rise of China has been greeted with fear and apprehension by many in the United States, Europe, and Africa who see this strong interest more as a threat than an opportunity. Although trade and investment are two central means by which China and Africa engage this paper focuses primarily on development finance and official development assistance: the broad spectrum of activities called “foreign aid.”
For the most part, the donor community focused on Chinese aid only recently, and in many cases only with the publicity surrounding the November 2006 Forum on China–Africa Cooperation in Beijing, where Chinese president Hu Jintao pledged to double China’s aid to Africa by 2009 (Box 1). He also promised to offer $3 billion in preferential loans and $2 billion in preferential export buyers credits, establish three to five special trade and economic zones, allow more than 400 kinds of goods into China duty-free, and set up a $5 billion fund to support investment by Chinese firms in African economies.
Later that year the president of the China Export Import Bank (Eximbank), Li Ruogu, announced that he hoped to disburse up to $20 billion in finance for African projects over the next three years. Box 1: Address by Chinese President Hu Jintao, Beijing Summit of The Forum on China–Africa Cooperation, 4 November 2006 To forge a new type of China-Africa strategic partnership and strengthen our cooperation in more areas and at a higher level, the Chinese Government will take the following eight steps:
1. Double its 2006 assistance to Africa by 2009.
2. Provide US$3 billion of preferential loans and US$2 billion of preferential buyer’s credits to Africa in the next three years.
3. Set up a China-Africa development fund which will reach US$5 billion to encourage Chinese companies to invest in Africa and provide support to them.
4. Build a conference center for the African Union to support African countries in their efforts to strengthen themselves through unity and support the process of African integration.
5. Cancel debt in the form of all the interest-free government loans that matured at the end of 2005 owed by the heavily indebted poor countries and the least developed countries in Africa that have diplomatic relations with China...
This document provides an overview of Latin America's contributions to international relations theory and practice. It discusses how Latin American perspectives have sought to expand mainstream international relations beyond a Euro-American focus to incorporate regional contexts and non-Western voices. Key contributions discussed include dependency theory, theories of autonomy, and post-hegemonic regionalism. The document also examines Latin American norms related to sovereignty, non-intervention, and international law. It analyzes how Latin American agency and autonomy have operated within structural constraints posed by regional hegemony. Overall, the summary provides a high-level view of Latin America's diverse and evolving influences on global debates around development, foreign policy, and visions of the international order.
The document discusses regional economic integration agreements and provides information about BRICS (Brazil, Russia, India, China, South Africa). It outlines the formation and focus of the BRICS Forum, including establishing a development bank and addressing issues like poverty, healthcare, and infrastructure. It also provides economic overviews and statistics for each BRICS country, mentions potential new members, challenges faced by BRICS, and concludes that BRICS markets are well positioned for long-term growth despite short-term uncertainties.
Contemporary christian organizations in the development of mass communication...Alexander Decker
Christian organizations in Nigeria have contributed significantly to the development of mass communication in recent years. They engage print and electronic media to spread their religious messages, contributing to growth in advertising, education and training, employment, and reading culture. While primarily aiming to propagate religious values, these organizations have directly and indirectly supported national development, including the media sector. Their activities are an important part of Nigeria's social landscape and have noticeable impacts on patterns of development in the country.
This document discusses India's international relationships and their impact on the country's economic growth. It provides context on the history of international relations and outlines key determinants of foreign policy. India maintains relationships with many countries around the world, and its national security relies on both internal strength and its ability to exist and develop within the international environment. Bilateral relationships, regional and global groups, and the policies of other nations can all affect India's interests. Examining these dynamics and China's growing global influence is important for understanding India's current international policies and their role in economic development.
Madam humaira's persentation on world bankOm Parkash
The document is a presentation submitted to Humaira Dogar of the World Bank by Om Parkash & Group. It provides an introduction and overview of the World Bank, including its history, vision, mission, structure, areas of operation, objectives, functions, SWOT analysis, and importance. It notes that the World Bank was established in 1944 at the Bretton Woods Conference to provide loans to developing countries for capital programs. It currently has 188 member countries in the IBRD and 173 in the IDA.
This document is the annual report of the Robert Sterling Clark Foundation for 2012. It provides an overview of the Foundation's grants and activities that year across its three program areas: promoting international arts engagement, protecting reproductive rights, and improving the performance of public institutions in New York. A total of $4.78 million was appropriated to 53 grantees. The report describes the goals and strategies within each program area, and provides details on several specific grants made to organizations such as Art21, Bang on a Can, and the Brooklyn Academy of Music.
Ashley Sheppard - Building the Canadian Advantage, IR-MRPAshley Sheppard
The document summarizes a study on how the Canadian government has used foreign aid to promote commercial interests abroad under the Harper government. It discusses two specific projects - the Corporate Social Responsibility Strategy and Development Finance Initiative - that illustrate this shift. The paper argues that the main objective of these programs is to advance Canadian commercial interests rather than development goals, demonstrating a lack of transparency and accountability that has reduced aid effectiveness.
BRICS is an international organization consisting of five major emerging economies: Brazil, Russia, India, China and South Africa. Formed in 2009, BRICS aims to enhance cooperation between these countries in multilateral forums and promote economic and political ties. The organization has led to the establishment of new institutions like the New Development Bank and Contingency Reserve Arrangement that allow BRICS nations to challenge the influence of Western financial bodies like the IMF and World Bank. With nearly half the world's population and a growing share of global GDP, BRICS represents a significant geopolitical force.
What can be the impacts of the BRICS new financial institutions?Jimmy Huang
Introduction: The diversity of sources of international development finance has increased dramatically in recent years
Part1: BRICS group signed to create two new financial institutions during the sixth BRICS summit in Brazil in 2014
- New Development Bank (NDB)
- Contingency Reserve Arrangement (CRA)
Part2: China leverages its influence and capitalizes on emerging and developing countries with new financial institutions
- AIIB and Silk Road Fund co-finance One Belt One Road (OBOR)
- AIIB provides an addition to reduce infrastructure-funding gap in Asia
Wrap-up: Understand features of the new development finance institutions and roles of regional finance
A briefing I built and gave for my class on "The Politics of Aid." Looks at U.S. aid priorities and presents facts regarding which countries they go to and which objectives our aid supports.
http://profitableinvestingtips.com/investing-tips/what-happened-to-the-brics
What Happened to the BRICS?
A few years ago the BRICS nations seemed ready to move into the first ranks of the world economy. Today the economies of Brazil, Russia, India, China and South Africa are having their problems. What happened to the BRICS? Radio Free Europe reports on BRICS woes.
Brazil, Russia, India, China, and South Africa — the BRICS — hope to move the world away from the U.S. dollar and Western-dominated financial institutions, which they say do not meet the needs of emerging economies.
But steep drops in recent weeks in the currencies of the five countries, which account for 40 percent of the world’s population and about one-fifth of global economic output, underscore how difficult it would be for any of them to take the dollar’s place.
The problems of the BRICS nations vary case by case but the global economic slowdown is a culprit for all of them. Russia is hurt by low oil prices, which help the others to greater or lesser degrees. Brazil is hurt by slowing demand for raw materials from China which in turn is seeing its economy slow down due to decreasing demand from Europe especially. What happened to the BRICS is a case by case story.
Russian Adventurism
In response to the Russian annexation of Crimea and support of separatists in Ukraine the USA and EU imposed economic sanctions on Russia. CNN Money writes about how badly sanctions have hurt Russia.
The document discusses the BRICS alliance between Brazil, Russia, India, China and South Africa. It summarizes that BRICS countries represent over half of global growth and nearly 30% of global GDP. BRICS was formed to give these emerging economies more influence on global issues. However, fractures have emerged between BRICS members on issues like Libya and Syria where they did not take a unified position. The document also outlines criteria for BRICS membership and notes proposals to expand membership to other developing countries.
This document discusses challenges related to migration and development cooperation. It notes that while migration brings both opportunities and challenges, perceptions of migrants are often negative. The 2030 Agenda and Global Compact on Migration provide a framework for managing migration in a way that benefits development. However, locally-led solutions tailored to specific contexts are needed. Collecting disaggregated data on migration and the SDGs can help inform evidence-based policies. Advocacy is also important to change negative narratives around migration and highlight migrants' contributions. Protecting vulnerable groups like women and ensuring their participation is key. Cooperation between countries is necessary to develop protection-sensitive policies on mixed migration flows.
Ferdinand Marcos greatly increased the Philippines' foreign debt during his presidency from 1965 to 1986, raising it from $360 million to $26.2 billion. This debt was accumulated to finance domestic expansion and economic development projects, but resulted in difficulties servicing payments. Subsequent presidents struggled with the large debt burden, though Fidel Ramos was able to reduce debt ratios through restructuring and Gloria Arroyo maintained relatively low debt increases through tax reforms and economic growth. However, debt continued rising and fiscal crises emerged under some administrations due to factors like political instability, economic downturns, and high spending.
The document provides an overview of key concepts in American foreign policy including what foreign policy entails, the major components of U.S. foreign policy, and the roles of the president and Congress in shaping foreign policy. It also discusses several important doctrines and organizations that have influenced American foreign policy such as the Truman Doctrine, NATO, the United Nations, and how foreign policy decisions made by the U.S. can impact its citizens.
This article analyzes the history of the World Bank during its first fifty years. It is argued that since its beginnings the Bank has used credit as a lever to expand its influ-ence and institutionalize economic ideas, concepts of the world, and political prescrip-tions in client states. Behind its technical façade, the Bank has always acted, albeit in different forms, in the interface of the political, economic, and intellectual fields at the international level, due to its singular condition as a lender, political actor, and inductor of ideas and prescriptions about what to do in questions of capitalist development, from an Anglo-Saxon perspective. Based on a wide and varied international literature and the sources of the institution itself, the text approaches the theme taking into account the US policy towards the institution, changes in international economic policy, and the principal
deisios of the Baks oad.
This paper analyzes new global financial institutions established by BRICS nations in response to their frustration with the lack of reform in the IMF and World Bank. The BRICS nations created the New Development Bank and Contingency Reserve Arrangement to decentralize global economic power and provide an alternative to the Western-dominated institutions. The paper explores the political and financial implications of this move and predicts a trend toward weakening the US dollar's role in the global economy. It summarizes the establishment of the NDB and CRA, including governance structure and initial capital contributions.
This document provides background information on Ghana's Structural Adjustment Program (SAP) implemented in 1983. It discusses Ghana's deteriorating economic situation following independence that led successive governments to seek assistance from international lenders. Ghana was compelled to accept the SAP promoted by the IMF and World Bank to receive loans. The SAP required Ghana to implement free market reforms like privatization, trade liberalization, currency devaluation and cuts to social spending. The document examines the origins and requirements of the SAP as well as its impacts on Ghana's development.
This document provides an introduction and overview for an analysis of the effectiveness of the World Bank as a development assistance institution. It will use four macroeconomic indicators - GDP growth, aid dependency, poverty levels, and security - to evaluate the World Bank's impact in Afghanistan and Nigeria over the past decade. It also outlines two primary criticisms of the World Bank: that its role in development finance has diminished in a globalized world with many private financing alternatives, and that it promotes a singular view of development through its influence and bureaucracies within developing nation governments.
The BRICS development bank why the world’s newest global bank must adopt a pr...Oxfam Brasil
In July 2014, a new multilateral and Southern-led development bank is expected to be 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. Little has been made public regarding the proposed Bank’s core mandate or activities but 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: ending extreme poverty and inequality, with a special focus on gender equity and women’s rights; aligning 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.
BRICS is a politico-economic union of five emerging economies - Brazil, Russia, India, China, and South Africa. It was formed to help these countries coordinate policies, counter Western hegemony, and advocate for greater representation of emerging economies in international organizations. By pooling their unique strengths and promoting solidarity over conditionality, BRICS aims to present alternative perspectives to the prevailing Western-dominated global narrative. However, realizing its goals will depend on BRICS' ability to develop cohesive strategies and manage the diverse interests among its members.
The document is a project report submitted by Fueko Kadiayi L'hena for the degree of Bachelor of Business Administration. The report discusses the International Monetary Fund (IMF) and provides details on its history, functions, leadership, membership, and relationship to other organizations like the World Bank. It provides an overview of the IMF's role in promoting global economic cooperation and financial stability through surveillance, policy advice, and lending to countries experiencing economic issues.
The document discusses the BRICS bloc, which includes Brazil, Russia, India, China, and South Africa. It describes how the BRICS bloc was formed to balance Western domination of international institutions. The BRICS countries often take a common position on issues like climate change and economic governance. They have established new institutions like the New Development Bank and the Asian Infrastructure Investment Bank to increase their influence. However, cracks have emerged within the BRICS as their economic fortunes have diverged in recent years, with Russia and Brazil facing recession while India remains the fastest growing major economy.
The Asian region has experienced the emergence of new MDBs over last few years. For many years, the Asian Development Bank was the only development bank in the region and has been dominated by the Japanese owing to the number of votes it has as compared to other members. However, the newly constituted NDB in 2014 has two key Asian members, India and China. The Asian Infrastructure Investment Bank (AIIB) led and initiated by China in 2015, and with a mandate to have at minimum 70% of shares allocated to Asian countries is sure to become another major player to support infrastructure development activities of the region as well as global south. The AIIB and NDB are two separate entities in their operations and constitution even though there are overlaps in memberships of the two banks.
The Centre for Financial Accountability aims to strengthen and improve financial accountability within India by engaging in critical analysis, monitoring and critique of the role of financial institutions – national and international, and their impact on development, human rights and the environment, amongst other areas. For more information visit http://www.cenfa.org Get in touch with us at info@cenfa.org
We also publish Finance Matters, a weekly newsletter on the development finance. The archive can be accessed at http://www.cenfa.org/newsletter-archive/
To subscribe, email us at newsletter@cenfa.org
The document discusses the roles of various United Nations organizations and the World Bank in promoting good governance. It notes that the UNDP supports democratic transitions by providing policy advice, technical support, and capacity building. The UNDEF supports projects that strengthen civil society and democratic participation. UNPAN facilitates information exchange between public administration institutions to improve governance. The World Bank lends funds to developing countries for infrastructure and programs to reduce poverty, and has provided Bangladesh with loans totaling $12.5 billion since 1970 to shape institutions and policies.
this presentation outlines the birth of BRICS,its objectives,how it benefits other African countries,its challenges and threat to the established organizations
Accountability in Complex Organizations: World Bank Responses to Civil SocietyDr Lendy Spires
This summary provides an overview of the document in 3 sentences:
The document discusses accountability mechanisms currently in place at the World Bank in response to civil society pressure over several decades. It analyzes accountability at four levels - staff, projects, policies, and board governance - and finds that while civil society has influenced accountability at the project and policy levels, deeper structural issues around staff incentives and board governance remain challenges. The incentives for World Bank staff prioritize technical expertise, quick disbursement, and deference to governments over meaningful participation and accountability to affected communities.
The document summarizes the key differences between the World Bank and IMF:
- The World Bank focuses on development and financing projects through loans, while the IMF focuses on maintaining monetary stability and a code of conduct around exchange rates between nations.
- The World Bank gets most of its funding through bond sales and borrowing, while the IMF's resources come from membership fees paid by its member countries.
- The World Bank employs over 7,000 staff with expertise in development fields, while the IMF has about 2,300 staff focused on economics and finance working primarily out of its Washington D.C. headquarters.
The document discusses the BRICS organization and the New Development Bank. BRICS includes Brazil, Russia, India, China and South Africa as emerging economies. The New Development Bank was established by BRICS states as an alternative to the World Bank and IMF. Headquartered in Shanghai, the bank aims to fund infrastructure and sustainable development projects in BRICS and developing countries.
The document discusses the formation and objectives of the BRICS group, which includes Brazil, Russia, India, China and South Africa. It was initially formulated in 2001 by economist Jim O'Neill to focus on the growing importance of emerging market economies. The group has established financial institutions like the New Development Bank and Contingent Reserve Arrangement to provide alternatives to the IMF and World Bank. BRICS summits are held annually to discuss economic and political cooperation between the member states.
The document is an introduction to the author's thesis on the economic policy of the World Bank in Egypt from 2000-2010. It provides background on the World Bank, including its official mission to fight poverty through financial and technical assistance. It also discusses the Bank's historical background, voting power structure, structural adjustment programs, and reforms over time. The introduction presents the author's hypothesis that the World Bank's role in Egypt is conditioned by international and regional political situations as well as its own policymaking processes, and poses several research questions to examine potential political impacts of the Bank's economic policy and operations in Egypt during the specified time period.
Assess the role of international financial institutions in the growing inequa...Siraj Maryan
ASSESS THE ROLE OF INTERNATIONAL FINANCIAL INSTITUTIONS IN THE GROWING INEQUALITIES BETWEEN THE GLOBAL NORTH (RICH) AND THE GLOBAL SOUTH (POOR) COUNTRIES IN GLOBAL POLITICS
The IMF was created to address financial problems and promote monetary stability. However, its policies have marginalized less developed countries (LDCs) by imposing loan conditions that are unsuitable and increase dependence. Nigeria initially had little debt but accumulated large debts under successive governments. While leaders criticized IMF conditions, they ultimately accepted its prescriptions. Structural adjustment programs had negative impacts like contraction of incomes and costs borne by the poor. The debt crisis can be understood through dependency theory which views LDCs as peripheries exploited to benefit wealthy center states. However, liberalization was meant to reduce resource gaps but paradoxically increased indebtedness and poverty. Corruption by leaders and exploitation in trade relations between Nigeria and Western nations worsened the debt situation.
Cleo Bonny reading ambassador killer presentation skills international financ...Cleo Bonny
Cleo Bonny reading ambassador killer presentation skills international financial system
world first agenda presentation for international financial system
Similar to The New Development Banks: Why AIIB and NDB should be Monitored (20)
This brief report aims to throw light on the critical lapses and breaches which have been committed during the design, pre-appraisal and Strategic Environmental and Social Assessment – Environment and Social Management Framework (SESA-ESMF) procedures for Project PI59808: India- Proposed Amaravati Sustainable Capital City Development Project, by both World Bank [for 300 mn USD] and Asian Infrastructure Investment Bank Project PD000019-PSI-IND [for 200 mn USD]. The report also shares the recent updates from the communities of the project area ear-marked for building the capital city.
This project has now been renamed in 2019 as Amaravati Sustainable Infrastructure and Institutional Development Project (ASIIDP), in both the World Bank and AIIB project pages.
The Centre for Financial Accountability aims to strengthen and improve financial accountability within India by engaging in critical analysis, monitoring and critique of the role of financial institutions – national and international, and their impact on development, human rights and the environment, amongst other areas. For more information visit http://www.cenfa.org Get in touch with us at info@cenfa.org
We also publish Finance Matters, a weekly newsletter on the development finance. The archive can be accessed at http://www.cenfa.org/newsletter-archive/
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कैंब्रिज के अर्थशास्त्री, हा-जून चांग का मानना है कि ‘अर्थशास्त्र का 95 प्रतिशत सिर्फ सामान्य समझ है, जिसे गणित और भारी-भरकम शब्दावली का प्रयोग करके मुश्किल बनाया जाता है।’ इससे हम समझ सकते हैं कि लोग वित्त से जुड़े मामलों से दूर क्यों रहते हैं। सरकारें नयी परियोजनाओं, योजनाओं और कार्यक्रमों की घोषणा करती हैं जिन पर भारी मात्रा में जनता के पैसे ख़र्च होते हैं। इन सभी को ‘विकास’ तथा नागरिकों के जीवन में सुधार लाने के नाम पर औचित्यपूर्ण ठहराया जाता है। शायद ही कभी इन परियोजनाओं के वित्तपोषण के स्रोत, इनकी वित्तीय व्यवहार्यता या राजकोष पर इससे पड़ने वाले वित्तीय भार पर कोई सवाल उठाया जाता है। यह काम बस ‘विशेषज्ञों’ पर छोड़ दिया जाता है। कुछेक मामलों में ऐसे कुछ सवाल खड़े भी किए गए तो उन्हें सार्वजनिक भलाई और प्रगति के नाम पर चुप करा दिया गया।
दिल्ली मेट्रो भी एक ऐसा ही उदाहरण है जहाँ इसकी आलोचना से संबंधित सवालों को ज्यादा तवज्जो नहीं दी गई तथा मेट्रो की चमक-धमक और ‘सुविधा’ के कारण बहुत आसानी से ऐसा प्रतीत कराया गया कि सब ठीक-ठाक है।
दिल्ली मेट्रो के प्रभाव, शहर में सड़कों पर भीड़-भाड़ कम करने में इसकी सफलता, इसका खर्च उठाने की हमारी क्षमता, वित्तीय व्यवहार्यता तथा यातायात एवं परिवहन के अन्य साधनों से इसकी तुलना करने के लिए एक समीक्षात्मक अध्ययन किए बगैर इसे अन्य शहरों में बढ़ावा दिया जा रहा है और ‘दुहराया’ जा रहा है।
किसी भी परियोजना की कुल लागत सिर्फ ‘वित्त’ तक ही सीमित नहीं होती। ऐसी कई अन्य लागतें होती हैं जिन्हें पैसे से जोड़कर नहीं देखा जा सकता, जैसे सामाजिक तथा पर्यावरणीय लागत। इस बात को मानते हुए, इस अध्ययन में केवल दिल्ली मेट्रो की वित्तीय लागत तथा व्यवहार्यता पर ही ध्यान दिया जा रहा है।
हम उम्मीद करते हैं कि यह अध्ययन आम लोगों को दिल्ली मेट्रो के वित्तीय पक्षों को समझने में मदद करेगा तथा अन्य शहरों में ‘मेट्रो’ की ‘लागत’ पर एक चर्चा शुरू करने में योगदान देगा, इससे पहले कि उन्हें शहर के नागरिकों पर थोप दिया जाए। इसके अतिरिक्त, हम यह भी आशा करते हैं कि इसके जरिए ‘किसका पैसा’ और उसे ‘किस तरह खर्च किया जा रहा है’ जैसे बुनियादी सवालों को उठाने में भी मदद मिलेगी।
The Centre for Financial Accountability aims to strengthen and improve financial accountability within India by engaging in critical analysis, monitoring and critique of the role of financial institutions – national and international, and their impact on development, human rights and the environment, amongst other areas. For more information visit http://www.cenfa.org Get in touch with us at info@cenfa.org
We also publish Finance Matters, a weekly newsletter on the development finance. The archive can be accessed at http://www.cenfa.org/newsletter-archive/
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Public-Private Partnerships — or PPPs — are increasingly being promoted as a way to finance development projects. This report gives an in-depth, evidence-based analysis of the impact of 10 PPP projects, including two from India, that have taken place across four continents and in both developed and developing countries.
The Centre for Financial Accountability aims to strengthen and improve financial accountability within India by engaging in critical analysis, monitoring and critique of the role of financial institutions – national and international, and their impact on development, human rights and the environment, amongst other areas. For more information visit http://www.cenfa.org Get in touch with us at info@cenfa.org
We also publish Finance Matters, a weekly newsletter on the development finance. The archive can be accessed at http://www.cenfa.org/newsletter-archive/
To subscribe, email us at newsletter@cenfa.org
The last five years have been a watershed moment in Indian politics and the economy. The NDA alliance’s grand victory on the agenda of development and good days to come (achhe din) started off on a high note. But after five years, the NDA government stands delegitimized. But what followed was brazen violence against minorities, Dalits, Adivasi, women and marginal sections of the society, systematic destruction of institutions, forced poverty, the decimation of the informal sector, corruption unemployment and a stressed economy. And today, the NDA government stands delegitimized, so much so that it is termed as a quantum leap backwards.
The Centre for Financial Accountability aims to strengthen and improve financial accountability within India by engaging in critical analysis, monitoring and critique of the role of financial institutions – national and international, and their impact on development, human rights and the environment, amongst other areas. For more information visit http://www.cenfa.org Get in touch with us at info@cenfa.org
We also publish Finance Matters, a weekly newsletter on the development finance. The archive can be accessed at http://www.cenfa.org/newsletter-archive/
To subscribe, email us at newsletter@cenfa.org
What’s Simmering Under The Blue Green City: The case study on Amaravati Sustainable Capital City Development
The Centre for Financial Accountability aims to strengthen and improve financial accountability within India by engaging in critical analysis, monitoring and critique of the role of financial institutions – national and international, and their impact on development, human rights and the environment, amongst other areas. For more information visit http://www.cenfa.org Get in touch with us at info@cenfa.org
We also publish Finance Matters, a weekly newsletter on the development finance. The archive can be accessed at http://www.cenfa.org/newsletter-archive/
To subscribe, email us at newsletter@cenfa.org
Delhi Metro is the largest metro system in India and is also considered one of the most “successful” public transport projects. After nearly three decades of construction and operation in Delhi, the demand for creating metro systems in all million plus cities has grown despite being a capital intensive project. Few scholarly articles published in the last decade which have questioned the relevance of metro system in Indian cities have often been dismissed by the policymakers and popular media.
The Centre for Financial Accountability aims to strengthen and improve financial accountability within India by engaging in critical analysis, monitoring and critique of the role of financial institutions – national and international, and their impact on development, human rights and the environment, amongst other areas. For more information visit http://www.cenfa.org Get in touch with us at info@cenfa.org
We also publish Finance Matters, a weekly newsletter on the development finance. The archive can be accessed at http://www.cenfa.org/newsletter-archive/
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The report “Citizens' Report on the “Four Years of the NDA Government, 2014-18: Promises & Reality” – a civil society initiative' is a collective work by experts, development networks and civil society organisations working on diverse concerns and issues with the marginalized and vulnerable population groups – Dalits, Tribals, children, youth, women, LGBTQ, people with disabilities, bonded labour, urban poor to name a few. The report also compiles articles on critical development issues of education, health, water and sanitation, land rights, economy, budgets, fiscal policies, civil society space, media, human rights, labour and employment, environment, parliament functioning, governance to mention some. In addition to the report, various individuals and organisations have used the visual media, making short videos on their critical concerns about the government's performance.
The Centre for Financial Accountability aims to strengthen and improve financial accountability within India by engaging in critical analysis, monitoring and critique of the role of financial institutions – national and international, and their impact on development, human rights and the environment, amongst other areas. For more information visit http://www.cenfa.org Get in touch with us at info@cenfa.org
We also publish Finance Matters, a weekly newsletter on the development finance. The archive can be accessed at http://www.cenfa.org/newsletter-archive/
To subscribe, email us at newsletter@cenfa.org
AIIB’s proposed deal with India’s $2.1 billion National Investment and Infrastructure Fund (NIIF) would also threaten to revive a host of stalled projects in the country potentially including coal, power, petroleum, railways and roads – many of which are currently shelved because of high social and environmental risks and opposition by local communities.
The Centre for Financial Accountability aims to strengthen and improve financial accountability within India by engaging in critical analysis, monitoring and critique of the role of financial institutions – national and international, and their impact on development, human rights and the environment, amongst other areas. For more information visit http://www.cenfa.org Get in touch with us at info@cenfa.org
We also publish Finance Matters, a weekly newsletter on the development finance. The archive can be accessed at http://www.cenfa.org/newsletter-archive/
To subscribe, email us at newsletter@cenfa.org
Centre for Financial Accountability aims to strengthen and improve financial accountability within India by engaging in critical analysis, monitoring and critique of the role of financial institutions – national and international, and their impact on development, human rights and the environment, amongst other areas.
For more information visit http://www.cenfa.org
Get in touch with us at info@cenfa.org
We also publish Finance Matters, a weekly newsletter on the development finance. The archive can be accessed at http://www.cenfa.org/newsletter-archive/
To subscribe, email us at newsletter@cenfa.org
It is noteworthy that currently, coal-based power projects are under threat due to lack of coal linkages and power purchase agreements, thus stalling many existing power projects and discouraging many companies from expanding to new coal power projects. This would give a boost to hydropower projects in many regions, especially in the Himalayan regions.
Centre for Financial Accountability aims to strengthen and improve financial accountability within India by engaging in critical analysis, monitoring and critique of the role of financial institutions – national and international, and their impact on development, human rights and the environment, amongst other areas.
For more information visit http://www.cenfa.org
Get in touch with us at info@cenfa.org
We also publish Finance Matters, a weekly newsletter on the development finance. The archive can be accessed at http://www.cenfa.org/newsletter-archive/
To subscribe, email us at newsletter@cenfa.org
FAQ on BRICS, NDB & AIIB
Centre for Financial Accountability aims to strengthen and improve financial accountability within India by engaging in critical analysis, monitoring and critique of the role of financial institutions – national and international, and their impact on development, human rights and the environment, amongst other areas.
For more information visit http://www.cenfa.org
Get in touch with us at info@cenfa.org
We also publish Finance Matters, a weekly newsletter on the development finance. The archive can be accessed at http://www.cenfa.org/newsletter-archive/
To subscribe, email us at newsletter@cenfa.org
The report, released by the Bank Information Centre-Europe and Centre for Financial Accountability, titled ‘Financing the future? The Asian Infrastructure Investment Bank and India’s National Investment and Infrastructure Fund’ warns that the AIIB do due diligence at all levels before approving a new $200m deal with India in April for fear of turning the key on some highly-controversial projects now being stalled by the local community.
The Centre for Financial Accountability aims to strengthen and improve financial accountability within India by engaging in critical analysis, monitoring and critique of the role of financial institutions – national and international, and their impact on development, human rights and the environment, amongst other areas. For more information visit http://www.cenfa.org Get in touch with us at info@cenfa.org
We also publish Finance Matters, a weekly newsletter on the development finance. Archive can be accessed at http://www.cenfa.org/newsletter-archive/
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The document provides an analysis of the Indian government's budget allocations for Dalits and Tribals. It notes that the Tribal Sub Plan and Special Component Plan were established to allocate funds for Dalits and Tribals in proportion to their population. However, an examination of budgets shows that claims of increased allocations are misleading, and in reality funding suffers from the same discrimination faced by these communities. Key features of guidelines for these allocations are also outlined, including that funds should be non-lapsable, non-divertible, and spent only on programs directly benefiting these groups.
Parliamentary Supremacy Undermined? An Analysis of Parliamentary Debates in India on International Financial Institutions (1984-2009)
The Centre for Financial Accountability aims to strengthen and improve financial accountability within India by engaging in critical analysis, monitoring and critique of the role of financial institutions – national and international, and their impact on development, human rights and the environment, amongst other areas. For more information visit http://www.cenfa.org Get in touch with us at info@cenfa.org
We also publish Finance Matters, a weekly newsletter on the development finance. Archive can be accessed at http://www.cenfa.org/newsletter-archive/
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क्लीन लीन एंड ग्रीन? एशिया इन्फ़्रस्ट्रक्चर बैंक के बारे में संक्षिप्त विवरण
The Centre for Financial Accountability aims to strengthen and improve financial accountability within India by engaging in critical analysis, monitoring and critique of the role of financial institutions – national and international, and their impact on development, human rights and the environment, amongst other areas. For more information visit http://www.cenfa.org Get in touch with us at info@cenfa.org
We also publish Finance Matters, a weekly newsletter on the development finance. Archive can be accessed at http://www.cenfa.org/newsletter-archive/
To subscribe, email us at newsletter@cenfa.org
Mapping Coal Project Finances in India
Who finances coal projects in India?
What is the quantum of money behind these large coal projects?
What proportion is financed by international financial institutions and national financial institutions?
Which are the key states with most lending?
These are some of the questions the new report is trying to address.
The Centre for Financial Accountability aims to strengthen and improve financial accountability within India by engaging in critical analysis, monitoring and critique of the role of financial institutions – national and international, and their impact on development, human rights and the environment, amongst other areas. For more information visit http://www.cenfa.org Get in touch with us at info@cenfa.org
We also publish Finance Matters, a weekly newsletter on the development finance. Archive can be accessed at http://www.cenfa.org/newsletter-archive/
To subscribe, email us at newsletter@cenfa.org
New Report, looking into the share of particular sectors -in particular, power, steel infrastructure – in the growing non-performing assets (NPAs) and stressed assets, which has touched at a whopping INR 14 lakh crores.
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To subscribe, email us at newsletter@cenfa.org
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We also publish Finance Matters, a weekly newsletter on the development finance. Archive can be accessed at http://www.cenfa.org/newsletter-archive/
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We also publish Finance Matters, a weekly newsletter on the development finance. Archive can be accessed at http://www.cenfa.org/newsletter-archive/
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The New Development Banks: Why AIIB and NDB should be Monitored
1.
Briefing
Paper
October
2016
The
New
Development
Banks:
Why
AIIB
and
NDB
should
be
Monitored
BRICS
and
its
agenda
The
BRICS
is
a
political
and
economic
formation
of
so-‐called
emerging
economies
from
across
the
globe.
Following
the
ironic
inspiration
of
a
Goldman
Sachs
investment
concept
developed
in
2001,
the
grouping
began
to
take
real
political
shape
from
2006
onwards,
when
it
first
met
formally
at
the
sidelines
of
a
UN
meeting.
Since
2009
the
BRICS
have
held
an
annual
heads
of
state
summit
in
one
of
the
member
countries,
and
from
2011
onwards
South
Africa
joined
the
original
four
members
to
ensure
a
broad
continental
representation
in
the
grouping.
The
rationale
for
such
an
alliance
was
that
the
members
were
regional
powers,
strong
and
systemically
important
emerging
economies,
and
rising
international
powers
from
the
Global
South.
BRICS
members
have
an
interest
in
and
agenda
to
change
global
economic
and
power
dynamics
and
distribution
in
international
institutions
such
as
the
IMF,
World
Bank,
UN
Security
Council
etc.
They
feel
the
Western
traditional
powers
have
long
dominated
global
systems
of
governance,
and
need
to
give
up
some
of
their
power
in
the
context
of
a
changing
world
in
which
the
emerging
economies
are
contributing
more
to
the
growth
and
development
of
the
global
economy.
BRICS
has
generally
operated
as
an
informal
grouping,
and
not
set
up
elaborate
structures
or
a
secretariat.
It
makes
formal
statements
at
its
annual
summit,
and
on
occasion
meets
on
the
sideline
of
other
global
moments,
such
as
UN,
World
Bank
or
international
climate
change
negotiation
meetings.
The
focus
of
the
grouping
has
been
on
economic
and
political
cooperation,
reform
of
the
international
financial
system,
and
recovery
from
the
global
financial
crisis.
BRICS
has
now
and
then
taken
positions
on
foreign
policy
issues,
such
as
Russia
and
Ukraine,
Syria,
Libya
etc,
but
it
is
primarily
in
the
economic
realm
that
it
has
been
most
active,
in
particular
in
being
involved
in
setting
up
two
new
multilateral
development
banks,
the
NDB
and
the
AIIB.
2.
The
existing
Multilateral
Development
Banks
and
Bretton
Woods
system
Until
recently,
the
existing
IFI
scene
had
not
changed
significantly
in
a
long
time,
despite
decades
of
critique,
primarily
by
nations
who
borrowed
from
the
IFIs.
Indeed
part
of
the
reason
for
the
formation
of
BRICS
was
the
members’
frustration
at
the
nature
of
the
global
economic
power
structures
and
their
lack
of
voice
and
influence
within
them.
BRICS
countries
were
unhappy
that
their
increased
and
continually
growing
economic
strength
was
not
being
recognized
in
the
Bretton
Woods
institutions
-‐
the
World
Bank
and
the
International
Monetary
Fund
(IMF),
initially
founded
in
1944
and
dominated
by
the
US
and
Western
powers
ever
since.
The
World
Bank
and
the
IMF
have
dominated
the
global
development
finance
scene
since
their
founding,
and
the
conditionalities
and
economic
and
ideological
assumptions
attached
to
their
loans
came
to
be
known
as
the
Washington
Consensus.
Loans
to
developing
countries
from
these
institutions
came
with
strings
attached:
governments
had
to
liberalise
their
economies,
privatize
public
services,
reduce
social,
health
and
public
spending,
reduce
government
support
to
certain
groups
such
as
farmers,
open
up
markets
and
reduce
tariffs
in
return
for
the
much-‐needed
loans
for
development
projects
or
to
avoid
a
state
financial
crisis.
The
IMF
and
World
Bank
were
supplemented
later
by
a
set
of
regional
banks,
including
the
Asian
Development
Bank
(ADB),
set
up
in
1966
and
dominated
by
Japan
and
the
US.
These
banks
have
followed
a
common
model
and
ideological
philosophy.
While
their
mandate
is
to
contribute
to
global
development
and
poverty
reduction,
the
approach
and
impact
of
these
banks
has
been
controversial,
and
highly
criticized
by
social
movements,
governments,
impacted
communities,
academics
and
global
justice
activists
around
the
world.
The
banks
have
often
focused
on
funding
large
scale
infrastructure
and
other
‘development’
projects,
from
destructive
big
dams
to
problematic
dirty
power
projects
to
privatization
of
formally
state
run
enterprises
to
large
scale
agribusiness,
which
seem
to
privilege
the
interests
of
business
elite,
TNCs
and
private
capital
over
the
impoverished
communities
in
the
countries
involved.
These
projects
have
often
facilitated
land
grabs
and
huge
displacement,
the
building
of
unsustainable
thermal
or
hydro
power
projects,
destructive
mines,
or
the
ruination
of
fisheries,
local
ground
water
access
etc.
The
model
of
development
which
the
older
IFIs
promote
for
impoverished
countries
is
destructive
at
a
range
of
levels,
and
does
not
address
or
engage
with
the
needs
of
poor
people
living
in
the
areas
impacted.
In
fact
communities
across
India,
from
Gujarat
to
Odisha
to
Himachal
Pradesh,
and
all
over
the
world,
from
Zambia
to
Ecuador,
the
Philippines
to
Peru
to
Uganda
have
often
had
to
fight
long
and
hard
to
get
justice
from
the
old
development
banks
and
their
own
governments
in
the
context
of
projects
which
have
led
to
huge
environmental,
social,
economic
and
community
devastation
in
the
areas
where
they
are
located.
3.
The
geopolitics
of
the
new
banks
The
BRICS
countries
have
criticized
the
Bretton
Woods
institutions
both
individually
and
as
a
grouping,
but
primarily
from
the
point
of
view
of
not
recognizing
their
importance
in
the
21st
century,
and
giving
them
due
influence
and
votes.
The
BRICS
countries
feel
that
the
current
global
economic
governance
system
has
not
adapted
as
it
should
to
reflect
changes
in
international
economic
and
political
power
since
1944.
While
recently
4
of
the
5
members
of
BRICS
saw
their
vote
share
at
these
IFIs
increase
(at
the
cost,
ironically,
of
a
reduction
of
votes
to
a
number
of
less
powerful
African
countries,
who
lost
44-‐21%
of
their
own
vote
share),
including
the
final
BRICS
member,
South
Africa),
the
increase
did
not
reflect
their
full
power
and
share
of
the
global
economy,
and
the
US
did
not
see
its
vote
share
decrease,
ensuring
it
still
has
a
unique
veto
in
the
IMF
and
World
Bank.
In
the
ADB
it
is
again
Japan
and
the
US
who
predominate.
As
a
result
of
this
frustration
of
not
being
let
join
the
top
table,
the
BRICS
grouping
and
its
members
have
gone
about
setting
up
their
own
new
IFIs
in
recent
years,
as
an
implicit
challenge
to
the
hegemony
and
financial
control
of
traditional
Western
powers.
While
they
have
often
used
the
language
of
South-‐South
solidarity,
and
of
transforming
global
dynamics
to
more
genuinely
address
and
include
the
needs
and
wants
of
the
majority
of
the
world
living
in
the
Global
South,
but
many
still
see
the
BRICS
financial
projects
as
reflecting
not
a
desire
for
radical
economic
transformation,
but
a
wish
to
establish
themselves
as
new
hegemonic
global
powers,
and
assert
the
same
control
of
international
economic
dynamics
that
Western
powers
previously
had.
It
was
also
argued
at
a
pragmatic
level
that
the
new
banks
were
necessary
to
address
a
need
and
funding
gap
in
the
global
funding
landscape,
where
the
ADB
estimated
that
in
Asia
alone
$800
billion
is
needed
each
year
until
2020
to
finance
infrastructure
in
the
region,
with
similar
gaps
in
the
rest
of
the
Global
South.
Thus
the
BRICS
decided
to
set
up
the
New
Development
Bank
in
2014,
and
the
bank
has
taken
shape
speedily
in
the
past
two
years.
Meanwhile
the
Chinese
also
initiated
an
Asia-‐focused
bank
to
rival
the
ADB,
the
Asian
Infrastructure
Investment
Bank
(AIIB).
As
of
now
the
BRICS
members
control
100%
of
the
BRICS
bank
through
their
shareholding,
while
in
the
AIIB
although
there
are
57
current
members,
yet
BRICS
members
control
43.29%
of
the
vote,
almost
half
of
the
bank.
The
BRICS
New
Development
Bank
The
New
Development
Bank
(NDB)
is
a
new
multilateral
development
bank
set
up
by
all
five
members
of
the
BRICS.
In
July
2014
it
was
agreed
at
a
BRICS
summit
in
Brazil
to
set
up
the
NDB
and
a
Contingent
Reserve
Arrangement
(CRA),
a
fund
on
which
the
countries
could
draw
as
an
alternative
to
the
IMF.
The
NDB’s
website
says
that
the
banks’
objective
is
“to
support
and
foster
infrastructure
and
sustainable
development
initiatives
in
emerging
economies.
The
Bank
will
also
complement
the
efforts
of
other
existing
financial
institutions
to
realize
the
common
goal
of
global
growth”’.
The
BRICS
speak
of
the
bank
as
being
green,
sustainable,
innovative
and
less
bureaucratic
in
its
functioning
than
traditional
MDBs.
The
bank
is
partly
seen
as
an
assertion
to
traditional
Western
powers
of
BRICS’
own
economic
muscle
in
the
world,
and
a
retort
to
the
lack
of
reform
in
the
Bretton
Woods
system,
as
well
as
a
contribution
to
development
finance
and
an
attempt
to
build
a
bank
from
the
Global
South.
The
bank
may
in
the
future
allow
new
members
to
join
but
the
BRICS
capital
share
cannot
fall
below
55%,
meaning
the
bank
will
always
be
controlled
by
the
BRICS.
In
May
2015
K
V
Kamath
was
appointed
as
the
President
of
NDB,
while
in
July
2015
the
board
of
governors
held
their
first
meeting
in
Moscow
and
the
NDB
officially
opened
in
Shanghai.
In
April
2016
the
NDB
approved
its
first
set
of
loans
of
$811
million
for
renewable
energy
projects,
one
each
in
Brazil,
India,
China
and
South
Africa,
with
a
$100
million
project
announced
for
Russia
later.
In
July
4.
2016
the
NDB
issued
three
billion
renminbi
(about
$450
million)
worth
of
five-‐year
green
bonds
in
China,
and
may
issue
similar
bonds
in
India
later
this
year.
In
July
2016
the
first
NDB
AGM
took
place.
Finance
Minister
Arun
Jaitley
did
not
attend,
but
it
was
decided
that
the
NDB’s
2017
AGM
will
take
place
in
India.
The
Asian
Infrastructure
Investment
Bank
The
Asian
Infrastructure
Investment
Bank
(AIIB)
is
a
Chinese
initiated
multilateral
development
bank,
which
commenced
operations
in
January
2016.
It
has
a
membership
of
57
countries,
37
from
across
Asia-‐Pacific,
and
20
from
the
rest
of
the
world,
including
Britain,
France
and
Germany,
but
not
the
US
or
Japan,
who
declined
to
join.
It
is
reported
that
up
to
30
more
countries
are
interested
in
joining,
meaning
the
AIIB
could
soon
surpass
its
regional
rival,
the
ADB’s
membership
of
67.
BRICS
member
states
are
4
of
the
10
largest
shareholders
in
the
bank,
and
in
total
the
BRICS
members
control
43.29%
of
the
vote,
a
fact
that
has
not
been
observed
much.
The
bank’s
aim
is
to
contribute
to
addressing
the
huge
infrastructure
funding
gap
across
Asia,
and
potentially
in
the
future
across
the
Global
South
through
multilateral
lending.
It
stated
on
its
launch
that
it
“expected
to
foster
sustainable
economic
development,
create
wealth
and
improve
infrastructure
connectivity
in
Asia
by
investing
in
infrastructure
and
other
productive
sectors”.
Many
remain
dubious
that
the
bank
may
be
an
instrument
of
Chinese
economic
and
foreign
policy
given
they
control
over
¼
of
the
shares
and
contributed
30%
of
the
capital,
but
it
remains
to
be
seen,
given
the
broad
take
up
of
membership
from
other
countries.
The
AIIB’s
AGM
in
Beijing
in
June
2016
was
attended
by
Indian
Finance
Minister
Arun
Jaitley.
The
first
loans
announced
by
the
bank
at
the
AGM
were
to
Pakistan,
Bangladesh,
Indonesia
and
Tajikistan
for
roadway,
energy
transmission
and
slum
upgradation
projects.
Subsequently
loans
for
a
dam
in
Pakistan
and
a
power
plant
in
Burma
were
also
announced.
5.
What
are
the
differences
and
similarities
between
the
two
new
banks?
It
is
still
early
days
with
the
banks
only
operational
for
not
much
more
than
a
year,
so
both
banks
are
still
being
developed,
given
they
have
been
set
up
completely
from
scratch.
However
there
are
a
range
of
similarities
and
differences
to
be
seen
already
between
the
two
banks.
Differences:
The
BRICS
bank
has
only
5
members,
the
BRICS
countries
themselves,
although
it
can
expand
its
membership
and
says
it
will
in
the
coming
years.
The
AIIB
has
57
members,
from
across
the
world,
and
says
this
may
increase
to
90
or
more
in
the
future.
In
the
BRICS
bank
the
five
shareholders
have
contributed
equally
in
their
capital
contribution
($10
billion
each)
and
thus
have
an
equal
say
and
share
of
votes
in
the
NDB.
Even
if
the
NDB
expands
to
add
new
members,
at
the
minimum
55%
of
the
share
and
vote
must
rest
with
the
BRICS,
ensuring
they
have
ultimate
control
over
the
bank.
In
the
AIIB
however
there
are
currently
57
members
with
57
different
capital
contributions
and
vote
shares.
At
minimum
70%
of
the
share
allocation
must
rest
with
Asian
members.
BRICS
countries
control
in
total
43.29%
of
the
vote
(China
26.06,
India
7.51,
Russia
5.93,
Brazil
3.02
and
South
Africa
0.77).
Another
area
of
difference
between
the
two
banks
relates
to
credit
ratings
from
ratings
agencies.
It
seems
likely
that
the
AIIB
will
benefit
both
from
China’s
huge
contribution,
and
from
the
membership
of
a
number
of
core
developed
countries,
to
help
secure
it
an
AAA
rating.
The
NDB
however
suffers
from
having
only
5
members,
including
a
number
whose
economies
currently
look
to
be
quite
shaky.
As
a
result
it
may
struggle
to
get
a
good
credit
rating,
and
may
be
looking
at
expanding
membership
for
this
reason.
Another
difference
relates
to
the
geographical
outlook
and
range
of
the
banks.
For
now
the
NDB
only
loans
to
projects
in
the
BRICS
member
countries,
although
this
may
change
if
its
membership
expands.
It
has
thus
far
announced
loans
totaling
$911
million
across
the
5
member
countries,
mainly
for
green
energy
projects.
The
AIIB
currently
loans
only
to
Asia-‐Pacific
countries,
although
this
also
may
change
as
it
broadens
its
membership
and
scope.
It
has
so
far
announced
loans
in
Pakistan,
Burma,
Bangladesh,
Kazakhstan,
Indonesia
totaling
$829
million.
The
BRICS
bank
also
procures
and
recruits
staff
only
from
BRICS
countries
unless
under
exceptional
circumstances,
whereas
the
AIIB
has
a
global
procurement
policy
(even
including
countries
which
are
not
members)
and
approach
to
recruitment.
Similarities:
Both
of
the
banks
are
being
entirely
set
up
from
scratch,
and
have
taken
shape
quite
quickly,
within
two
years
of
the
formal
agreement
to
negotiate
their
founding.
Both
banks
were
first
formally
agreed
on
in
2014
and
became
operational
a
year
to
18
months
later.
The
two
banks
are
still
recruiting,
developing
and
constructing
their
teams
and
internal
organizational
structures,
and
writing
and
developing
their
policies
and
procedures.
Both
banks
have
said
they
intend
to
be
lean
and
keep
costs
down,
with
a
much
smaller
staff
team
than
the
traditional
MDBs,
even
as
they
grow.
They
have
stated
a
hope
to
bring
the
bureaucratic
approval
process
for
a
loan
down
from
the
standard
18
months
to
a
much
shorter
6
month
period.
Both
banks
have
similar
governance
structures
and
procedures.
They
hold
an
AGM
once
a
year,
and
their
Board
of
Governors
is
made
up
of
the
Finance
Ministers
of
the
countries
involved.
A
non-‐
resident
Board
of
Directors
(unlike
with
other
MDBs
whose
Directors
tend
to
be
resident)
is
6.
responsible
for
day
to
day
management.
Internally
each
bank
has
a
President,
and
a
number
of
Vice
Presidents
at
the
senior
management
level.
Another
striking
similarity
amongst
the
two
new
Southern
banks
is
their
lack
of
highlighting
of
poverty!
Neither
of
the
banks
make
explicit
mention
of
poverty
in
terms
of
their
aims
and
objectives,
or
in
their
policy
documents,
unlike
the
existing
MDBs,
for
whom
poverty
reduction
is
articulated
as
a
key
objective.
Perhaps
there
is
an
implied
connection
that
improved
infrastructure,
sustainable
energy
projects
and
a
concomitant
improvement
in
economic
growth
in
the
countries
involved
would
contribute
to
improved
living
conditions,
but
this
is
never
articulated
in
the
language
of
addressing
global
poverty
or
inequality,
a
striking
omission
from
new
development
banks
with
a
majority
of
members
coming
from
the
Global
South.
The
banks
also
focus
a
lot
in
their
communication
on
sustainability,
green
financing
and
renewable
energy,
perhaps
following
the
global
trend.
This
is
also
part
of
their
attempts
to
pitch
themselves
as
new,
innovative
and
different.
Both
banks
appear
to
have
very
carefully
picked
their
first
loans
with
this
in
mind,
lending
to
energy
transmission
improvements,
green
energy
projects
and
other
projects
which
could
not
be
accused
of
being
unsustainable.
The
AIIB
has
a
clear
and
explicit
infrastructure
focus
(albeit
with
a
broad
definition)
while
the
NDB
does
not
only
focus
on
infrastructure
but
certainly
prioritizes
it.
While
both
banks
and
those
who
set
them
up
initially
used
a
language
that
critiqued
the
existing
MDBs
and
Bretton
Woods
system,
and
spoke
of
transformation
and
change
in
the
global
system,
yet
over
time
the
register
and
language
of
the
new
banks
has
been
modified.
They
now
speak
of
being
transformative
but
also
collaborative,
and
are
careful
to
stress
they
see
their
role
as
being
complementary
to
and
not
competitive
with
the
existing
MDBs.
Indeed
both
banks
have
agreed
formal
or
non-‐formal
cooperation
agreement
with
a
number
of
banks,
while
the
AIIB
is
also
co-‐
financing
along
with
the
World
Bank,
ADB,
EBRD
and
others.
Indeed
the
two
banks
have
also
announced
that
they
themselves
will
collaborate
and
cofinance,
although
very
little
other
information
is
available
on
this
thus
far.
Another
similarity
between
the
banks
is
their
insistence
on
the
fact
that
they
themselves
have
recent
and
relevant
experience
of
development
dynamics
and
challenges,
being
as
they
are
‘on
the
development
curve’.
This,
they
argue,
makes
them
distinct
and
different
from
the
traditional
Western
dominated
banks,
run
mainly
by
countries
whose
economies
and
societies
are
heavily
‘developed’
already,
and
who
cannot
relate
to
or
understand
development
challenges.
Thus
the
NDB
and
the
AIIB
argue
that
their
outlook
and
approach
will
be
different,
more
sympathetic
and
adapted
to
the
experience
and
needs
of
developing
countries.
Finally
a
somewhat
concerning
similarity
in
the
new
banks
seems
to
be
their
dubiousness
regarding
the
role
of
civil
society
and
public
consultation,
and
their
desire
to
keep
a
distance
from
civil
society
engagement.
Social
movements,
affected
communities
and
ngos
have
fought
long
and
hard
over
decades
with
existing
MDBs
to
ensure
that
the
banks
listen
to
their
voices,
and
establish
ways
and
processes
of
consulting
those
who
will
be
impacted
by
their
lending.
These
new
banks
have
the
chance
to
learn
from
previous
banks’
mistakes
and
establish
best
practice
from
the
start.
And
yet
they
seem
to
be
distinctly
wary
of
engaging
with
civil
society,
keeping
an
arm’s
length
from
them
and
not
yet
establishing
meaningful
ways
for
impacted
groups
to
impact
the
new
lenders’
policy
and
practice.
Some
areas
of
concern
regarding
the
NDB
and
AIIB
7.
The
banks
and
their
approaches,
policies
and
procedures
are
still
being
developed
in
a
range
of
areas
so
may
evolve,
but
already
civil
society
have
identified
a
number
of
areas
of
concern.
The
fact
that
the
banks
have
begun
lending,
in
advance
of
finalizing
their
procedures
in
all
areas,
is
itself
quite
concerning.
In
particular
it
is
alarming
that
neither
bank
has
yet
finalized
a
clear
transparent
and
independent
oversight
and
grievance
redressal
mechanism
for
communities
impacted
by
their
lending,
in
advance
of
beginning
to
disburse
money,
nor
have
they
consulted
publicly
on
the
same.
While
the
AIIB
did
run
a
problematic
and
much
criticized
6
week
consultation
on
its
Environmental
and
Social
Framework
(ESF)
in
2015,
it
finalized
this
policy
quietly
without
further
reverting
to
or
consulting
civil
society.
The
NDB
meanwhile
appears
to
have
finalized
its
ESF
policy
without
any
input
from
civil
society,
despite
regular
requests
for
the
same.
Indeed
there
is
a
fear
abroad
that
the
new
banks,
instead
of
modelling
best
practice,
could
precipitate
a
race
to
the
bottom
in
terms
of
standards,
and
that
their
‘lean’,
less
bureaucratic
approach
and
philosophy
could
put
pressure
on
other
MDBs
to
weaken
their
safeguards
procedures
to
compete
in
the
market.
The
World
Bank
recently
concluded
its
safeguards
revision
to
great
dissatisfaction
of
civil
society,
who
felt
the
new
policies
weakened
and
diluted
protection
in
some
areas.
The
new
banks
place
a
focus
in
their
safeguards
on
the
need
to
respect
country
systems
of
monitoring
and
legal
protection
in
the
countries
they
are
lending
to,
and
seem
to
be
offloading
their
monitoring
responsibility
as
lenders
to
the
clients
who
are
borrowing
from
them,
a
matter
of
some
concern,
especially
given
legal
protection
and
rule
of
law
can
be
weak
or
corrupt
in
some
of
the
countries
involved.
Another
area
of
concern
is
the
question
of
information
and
transparency.
Information
is
hard
to
come
by
in
the
public
domain
regarding
both
banks,
despite
the
fact
that
public
money
is
clearly
being
used
to
pay
for
each
country’s
capital
contribution,
and
the
lending
could
have
significant
impact
in
the
countries
involved.
The
banks
themselves
seem
quite
shy
of
divulging
information
publicly,
and
both
are
running
of
interim
information
disclosure
policies
for
now.
The
role
of
national
parliamentarians
in
monitoring
the
banks
is
also
not
clear,
and
in
the
Indian
parliament
the
engagement
from
parliamentarians
on
the
AIIB
and
NDB
over
this
crucial
period
of
their
formulation
has
been
low.
A
final
area
of
concern
is
the
role
of
civil
society
and
the
attitudes
of
the
new
banks
to
consultation.
Neither
banks
have
shown
much
eagerness
to
engage
with
or
consult
civil
society,
or
reach
out
at
community
level
in
the
countries
they
will
be
lending
to.
Movements
and
activists
have
fought
long
and
hard
to
be
heard
by
old
MDBs,
and
yet
the
new
development
banks
seem
as
suspicious,
if
not
more,
of
sitting
in
a
room
with
civil
society.
They
have
thus
far
shown
a
notable
lack
of
interest
in
involving
civil
society
in
their
work,
or
seeking
their
inputs
in
the
area
of
policy
formation
and
practice,
despite
their
decades
of
experience
in
tracking
and
documenting
the
impacts
of
MDB
lending.
Lending
of
NDB
and
AIIB
in
India
Little
information
is
in
the
public
domain
about
NDB
or
AIIB
lending
in
India,
and
the
government
has
not
disclosed
much
information
in
this
regard.
8.
The
NDB
has
approved
a
$250
million
loan
in
India
to
Canara
Bank,
with
the
first
tranche
of
$75
million
given
for
“on-‐lending
to
projects
for
generating
500
MW
additional
renewable
energy
capacity”.
While
a
loan
to
India
has
not
yet
been
officially
announced
by
the
AIIB,
three
possible
projects
have
been
named
in
the
media:
a
power
transmission
project
in
Tamil
Nadu,
a
power
transmission
project
in
Tamil
Nadu,
a
ring
road
at
Amaravati,
A.P.
and
the
metro
in
Pune,
Maharastra.
An
answer
to
a
question
asked
in
the
parliament
in
July
2016
on
AIIB’s
projects
in
India
responded
that
the
government
has
forwarded
3
projects
to
AIIB
for
funding:
a
port
in
Vadhavan,
Maharashtra
and
Colachel
(Enayam)
in
Tamil
Nadu,
as
well
as
the
power
transmission
project
listed
above
in
Tamil
Nadu.
The
need
to
monitor
these
new
banks
into
the
future
There
is
thus
clearly
a
need
for
civil
society,
social
movements,
communities,
trade
unions
and
parliamentarians
in
India
to
carefully
watch
and
monitor
developments
and
loans
from
both
the
new
development
banks
in
the
country
in
the
months
and
years
to
come.
The
record
of
the
old
bunch
of
multilateral
development
banks
shows
how
much
can
go
wrong
and
how
many
battles
need
to
be
fought
to
secure
justice.
Whether
the
new
banks
show
themselves
to
be
different
and
really
life
up
to
their
rhetoric
remains
to
be
seen
as
it
is
early
days
yet,
but
still
we
should
be
ready
to
fight
for
justice
and
our
rights
with
these
new
banks
as
much
as
we
have
done
with
the
old
ones,
drawing
on
the
lessons
and
learnings
of
decades
of
struggle,
including
many
successes
over
the
years.
Southern
led
banks
should
be
subject
to
just
as
much
scrutiny,
and
held
to
the
same
or
even
higher
standards
as
the
old
MDBs,
if
the
future
of
communities,
countries
and
the
planet
itself
is
to
be
secured
and
preserved.
_____________________________
Published
by
Centre
for
Financial
Accountability:
research@cenfa.org