• News
    • Latest news
    • News search
    • Health
    • Finance
    • Food
    • Career news
    • Content series
    • Try Devex Pro
  • Jobs
    • Job search
    • Post a job
    • Employer search
    • CV Writing
    • Upcoming career events
    • Try Career Account
  • Funding
    • Funding search
    • Funding news
  • Talent
    • Candidate search
    • Devex Talent Solutions
  • Events
    • Upcoming and past events
    • Partner on an event
  • Post a job
  • About
      • About us
      • Membership
      • Newsletters
      • Advertising partnerships
      • Devex Talent Solutions
      • Contact us
Join DevexSign in
Join DevexSign in

News

  • Latest news
  • News search
  • Health
  • Finance
  • Food
  • Career news
  • Content series
  • Try Devex Pro

Jobs

  • Job search
  • Post a job
  • Employer search
  • CV Writing
  • Upcoming career events
  • Try Career Account

Funding

  • Funding search
  • Funding news

Talent

  • Candidate search
  • Devex Talent Solutions

Events

  • Upcoming and past events
  • Partner on an event
Post a job

About

  • About us
  • Membership
  • Newsletters
  • Advertising partnerships
  • Devex Talent Solutions
  • Contact us
  • My Devex
  • Update my profile % complete
  • Account & privacy settings
  • My saved jobs
  • Manage newsletters
  • Support
  • Sign out
Latest newsNews searchHealthFinanceFoodCareer newsContent seriesTry Devex Pro
    • News
    • Safeguards

    Civil society calls for safeguards as BRICS bank approves first loans

    Civil society representatives are calling for transparency and dialogue with officials of the New Development Bank in developing a robust social and environmental safeguards framework, especially following the institution's approval of its first batch of loans and projects.

    By Lean Alfred Santos // 18 April 2016

    Civil society organizations have expressed concern over what they say is a lack of transparency in the social and environmental safeguards used by the New Development Bank, a multilateral finance institution founded by Brazil, Russia, India, China and South Africa (or popularly known as the BRICS).

    The NDB has promised to focus on renewable energy projects and approved its first batch of loans last week. The bank will invest $800 million in renewable energy projects, with India and Brazil receiving $250 million and $300 million, respectively. These inaugural projects, approved during meetings in Washington, D.C., are expected to reduce harmful emissions in the bank's member countries by 4 million tons annually.

    Despite its environmental mandate, however, critics say that the bank’s loans could harm local communities and ecosystems if the proper safeguards are not put into place. Existing multilateral banks conduct evaluations to assess the possible impact of proposed projects before a loan is approved. In the case of NDB, many CSOs say they and others don’t understand — and haven’t been consulted about — this process.

    This article is free to read - just register or sign in

    Access news, newsletters, events and more.

    Join usSign in
    • Banking & Finance
    • Project Management
    • Democracy, Human Rights & Governance
    • China
    • Brazil
    • India
    Printing articles to share with others is a breach of our terms and conditions and copyright policy. Please use the sharing options on the left side of the article. Devex Pro members may share up to 10 articles per month using the Pro share tool ( ).

    About the author

    • Lean Alfred Santos

      Lean Alfred Santos@DevexLeanAS

      Lean Alfred Santos is a former Devex development reporter focusing on the development community in Asia-Pacific, including major players such as the Asian Development Bank and the Asian Infrastructure Investment Bank. He previously covered Philippine and international business and economic news, sports and politics.

    Search for articles

    Related Stories

    World BankWorld Bank, Asian Development Bank under fire for mutual reliance plan

    World Bank, Asian Development Bank under fire for mutual reliance plan

    Transparency and accountabilityOpinion: IFC standards review is chance for more responsible global finance

    Opinion: IFC standards review is chance for more responsible global finance

    Sponsored by UN WomenOpinion: Feminist foreign policy in the digital age

    Opinion: Feminist foreign policy in the digital age

    Devex InvestedDevex Invested: What US foreign aid chaos means for DFC

    Devex Invested: What US foreign aid chaos means for DFC

    Most Read

    • 1
      How low-emissions livestock are transforming dairy farming in Africa
    • 2
      Opinion: Mobile credit, savings, and insurance can drive financial health
    • 3
      Opinion: India’s bold leadership in turning the tide for TB
    • 4
      How AI-powered citizen science can be a catalyst for the SDGs
    • 5
      Strengthening health systems by measuring what really matters
    • News
    • Jobs
    • Funding
    • Talent
    • Events

    Devex is the media platform for the global development community.

    A social enterprise, we connect and inform over 1.3 million development, health, humanitarian, and sustainability professionals through news, business intelligence, and funding & career opportunities so you can do more good for more people. We invite you to join us.

    • About us
    • Membership
    • Newsletters
    • Advertising partnerships
    • Devex Talent Solutions
    • Post a job
    • Careers at Devex
    • Contact us
    © Copyright 2000 - 2025 Devex|User Agreement|Privacy Statement