An action plan for multilateral development banks
Multilateral Development Banks (MDBs) know that accountability mechanisms are required that hold the banks to account in terms of environmental and social standards. MDBs have established mechanisms of accountability which allow avenues for people to seek recourse if they are impacted by development projects financed by the banks. Also, over the past twenty years or so, MDBs have developed and improved their accountability mechanisms. However, new forms of finance for development projects are creating problems in terms of accountability. As MDBs increase their lending to financial intermediaries compliance with social and environmental policy becomes much harder.
In this policy brief, I go over the issues and detail an action plan for MDBs so that they are able to better hold new forms of development finance to account.
Find more details of these issues on the Global Economic Governance website.
Children walking to a nearby river to get water in Lao PDR. Source: Asia Development Bank, Flickr