BIC staff Nezir Sinani and Julia Radomski co-authored an article on accountability at international financial institutions, originally published by the Huffington Post.
Are development finance institutions held accountable when their projects cause harm to communities and ecosystems? While “accountability” has become an oft-used and broadly-defined buzzword in development, much work remains to be done to ensure that institutions are indeed held to account in their everyday operations. According to a recent report by eleven international NGOs, including the Centre for Research on Multinational Corporations (SOMO), Accountability Counsel, Center for International Environmental Law, and Inclusive Development International, the evidence suggests that development finance institutions are failing to provide remedy to those harmed by their projects.“Glass Half Full? The State of Accountability in Development Finance” assesses the extent to which the development banks, such as the World Bank Group and the regional development banks, and their complaint mechanisms (also known as accountability mechanisms) are equipped to handle complaints from affected people. The report draws on analysis of the policies and procedures of the development banks and their mechanisms, and the outcomes experienced by communities that had filed complaints. According to the authors, when it comes to development finance accountability, the glass can be considered either half full or half empty.
See the full article at the Huffington Post.