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Standing Committee on Finance, BRICS New Development Bank Nomonde Nyembe, Attorney

Standing Committee on Finance, BRICS New Development Bank Nomonde Nyembe, Attorney Baone Twala, Candidate Attorney. Centre for Applied Legal Studies. Purpose of Presentation. BRICS Bloc. Founded: 2008; SA 2010 5 Rapidly growing Economies Based in all regions of the global south:

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Standing Committee on Finance, BRICS New Development Bank Nomonde Nyembe, Attorney

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  1. Standing Committee on Finance, BRICS New Development Bank Nomonde Nyembe, Attorney Baone Twala, Candidate Attorney

  2. Centre for Applied Legal Studies

  3. Purpose of Presentation

  4. BRICS Bloc Founded: 2008; SA 2010 5 Rapidly growing Economies Based in all regions of the global south: Asia (3 countries) Africa (1 country) Latin America (1 country) Response to G8 Part of G20 20% of world’s gross products

  5. BRICS New Development Bank (NDB) • 2014: Fortaleza Agreement • Maximum capital of $100-billion • Voting = subscription of shares i.e. equitable • Funding: infrastructural & sustainable development in BRICS and other developing economies

  6. World Bank: Voting • Voting is skewed towards the global north/ developed economies

  7. International Monetary Fund: Voting • Voting is skewed towards the global north

  8. World Bank: Financing • Financing of developing economies

  9. International Monetary Fund: Financing • Financing of developing economies

  10. International Finance: Human Rights Ogoniland, Nigeria: funding used by Gvt to pay the WB Honduras, Palm Oil Plants: Loan provided by the IFC (in the WB)

  11. International Finance Human Rights • Inga Dam, DRC, African Development Bank

  12. African Human Rights Standards

  13. What can the committee do? • Encourage the Treasury to put a policy in place that: • HRts; • FPIC; • equality, transparency, participation, consultation, accountability and inclusiveness; • Environmental health = HRt; and • HRt Due Diligence. • Encourage the Treasury to insist on grievance mechanism; • Remediation

  14. Summation • Context; • The need and impetus for the BRICS NDB; • Potential human rights impacts of development finance; • Inclusive understanding of development (and therefore development finance on the continent); and • Standing Committee’s opportunity to ensure human rights compliance.

  15. Contact Details • Nomonde Nyembe • Email: Nomonde.Nyembe@wits.ac.za • Telephone: 0117178606 • BaoneTwala • Email: Baone.Twala@wits.ac.za • Telephone: 0117178652 • Website: http://www.wits.ac.za/law/cals

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