The World Bank and human rights 2015, para. 50
Paragraph- Paragraph text
- In fact, if the major new banks do not adopt appropriate social protection policies, there would be good reason to assume that the Bank will be less able to compete in terms of the time taken for project planning, the conditions offered to borrowers and the speed of disbursement. Both the New Development Bank, which proclaims itself "as an alternative to the existing US-dominated World Bank and International Monetary Fund", and the Asian Infrastructure Investment Bank were set up in 2015. The Articles of Agreement of both banks reproduce the same political prohibition clause as is contained in the Articles of Agreement of the World Bank. The Asian Infrastructure Investment Bank is committed to addressing environmental and social impacts, but it remains to be seen what type of standards and safeguards will be adopted and how, if at all, human rights will be factored in. Those are issues that will warrant the most careful scrutiny going forward.
- Legal status
- Non-negotiated soft law
- Body
- Special Rapporteur on extreme poverty and human rights
- Document type
- Special Procedures' report
- Means of adoption
- N.A.
- Topic(s)
- Environment
- Governance & Rule of Law
- Person(s) affected
- N.A.
- Year
- 2015
- Paragraph type
- Other
- Paragraph number
- 50
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