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This paper presents a set of recommendations to increase the effectiveness of global governance forums by incorporating the experience, views and expertise of civil society.

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.

Today leaders from Brazil, Russia, India, China, and South Africa –better known as the BRICS- finalized their 6th summit in Fortaleza, Brazil, consolidating the creation of a new development bank that will provide fresh sources of financing for emerging economies.

Oxfam believes that reducing inequality is fundamental to fair and sustainable development.

In response to the World Bank Group President Jim Yong Kim announcing cooperation between the World Bank, the Asian Infrastructure Investment Bank and the BRICS New Development Bank, Nicolas Mombrial of Oxfam International said::“More money for development and better cooperation is always good news so Jim Kim’s willingness to work closely with these banks is welcome. But fighting poverty and inequality, operating transparently, and respecting high environmental and social standards must be at the heart of what these banks do…