Browsing by Subject "New Development Bank"

When multilateral development banks (MDBs) finance projects that result in significant harm to individuals, there are limited avenues to seek recourse. With the ability to rely on national juridical systems restricted due to international organization immunity, individuals may seek recourse by lodging their complaints with the Accountability Mechanisms (AMs) of banks. The proliferation of accountability mechanisms and environmental and social safeguard policies across MDBs denotes a shift in approach compared to early development finance institutions. By reviewing policies and procedures of the New Development Bank, Asian Infrastructure Investment Bank, and the Islamic Development Bank, this thesis illustrates how accountability manifests within these institutions. In the absence of an international legal framework, this thesis traces the internal and external influences that contour accountability, highlighting how AMs and protection policies are developed within a community of practice. This thesis also considers the implications of the widespread practice of AMs on international law. Some arguments suggest that IOs should recognize customary obligations to provide a right to remedy, and thereby allowing these actors to contribute to customary international law. While this could enhance the ability of individuals to seek recourse against IOs, this thesis asserts that linking these practices to customary international law is premature. As this thesis observes, accountability does not materialize uniformly within the MDB community of practice. Accountability has developed parallel to any international legal developments regarding individual recourse, and banks have varied motivations for institutionalizing accountability. While international law may offer a solution for providing individuals with a right to remedy, its efficacy remains uncertain. In the meantime, developing effective AMs is the viable alternative.