The Peoples Forum on BRICS declared that the New Development Bank has to step back and reconsider why indeed it was established. In so doing, NDB must pro-actively reach out to peoples movements, trade unions, civil society organisations and peoples networks genuinely working with poor and impacted communities, rather than finding comfort in plush and polite consultations held with fellow bankers, bureaucrats, key politicians and cherry-picking “NGOs” who conform with rather than critically engage the NDB.
Patrick Bond, professor of political economy, offers a critical analysis of New Development Bank (NDB) ahead of the New Delhi meet.
The leaders of its New Development Bank (NDB) are meeting in New Delhi this weekend, following a People’s Brics Forum, which is highly critical of the bank.
Originally posted on Let's Talk Financial Accountability:
~ Joe Athialy After the storm of demonetisation, which unsettled the economy back home, India is hosting the 2nd annual meeting of New Development Bank (NDB) from March 31 – April 2. NDB is the financial arm of BRICS – a grouping of emerging economies Brazil, Russia,…
NDB has not felt the need to define the concept of Sustainable infrastructure. This leaves the door open for investments which are profit oriented and not completely sustainable in nature. Moreover with lack of transparency and redressal mechanism, the affected communities would have no recourse to file their complaints and concerns.
“New Development Bank – Peoples Perspectives”, a day-long convention is planned in New Delhi on the 30th of March 2017. The convention would look at various trends in development finance, mechanisms to monitor trade and finance in BRICS, and what is at stake with the emergence of these new players.