New Development Bank (NDB)

  • Overview

    The New Development Bank (NDB) is a multilateral development bank founded by Brazil, Russia, India, China, and South Africa (BRICS) in 2014.

    New Development Bank (NDB)

    Created in: 2014

    Headquarters: Shanghai, China

    Member Countries: Brazil, Russia, India, China, and South Africa

    Mission: Mobilizing resources for infrastructure and sustainable development projects within BRICS and other emerging economies and developing countries, complementing the existing efforts of multilateral and regional financial institutions for global growth and development.

     

    The institution was established with a goal of mobilizing resources for infrastructure and sustainable development projects within BRICS and other emerging economies and developing countries.

    All NDB-financed projects are required to meet requirements outlined in the NDB’s Environmental and Social Framework. This framework includes standards on environmental and social assessment, involuntary resettlement, and Indigenous Peoples. The Bank also released a revised Information Disclosure Policy in June 2017.

     

     

    The Accountability Office

    Although its Environmental and Social Framework requires clients to establish grievance mechanisms, currently, the NDB itself does not have an accountability office to receive complaints concerning NDB-financed projects. AC is working with our partners to ensure that the institution follows best practices in accountability.

    See Our Advocacy for more details.

  • Our Advocacy

    Accountability Counsel collaborates with partners in New Development Bank (NDB) member countries and around the world to advocate for the creation of an independent accountability office at the NDB. Currently, the institution does not have an accountability office, relying instead on client grievance mechanisms and the accountability systems of the countries in which the projects are located. The lack of an independent accountability office at the NDB forecloses an important avenue for redress and accountability for communities negatively impacted by the NDB’s financing.

    For more information on the benefits of an independent accountability office please read our guide, “Accountability Mechanisms: Benefits and Best Practices for International Financial Institutions.”