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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:
- end extreme poverty and inequality, with a special focus on gender equity and women’s rights;
- align with environmental and social safeguards and establishing mechanisms for information sharing, accountability and redress;
- leadership on the sustainable development agenda;
- the creation of mechanisms for public consultation and debate; and
- the adoption a truly democratic governance structure.