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How BRICS' New Development Bank can improve transparency and accountability

By Magalie Masamba, Post-doctoral Fellow, Centre for Human Rights, University of Pretoria

The New Development Bank, which was formed in July 2014, marks its eighth birthday this year. It was formed by the leaders of Brazil, Russia, India, China and South Africa (BRICS) when they met in Fortaleza, Brazil for the bloc’s summit. The bank was seen as a potential alternative to the World Bank and able to take a new approach to development finance.

The New Development Bank has since approved 11…

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