DURBAN CONTAINER TERMINAL
LUMKILE MONDI: Brics bank could be more like World Bank
If the Brics bank continues to fail, it will be perceived as a political experiment forever in the shadows of the Bretton Woods institutions
The terms of the New Development Bank’s (NDB’s) articles of agreement lay down the principles of transparency and accountability in its operations, and its interim information disclosure policy provides a framework for engagement with stakeholders. Furthermore, the NDB says it is guided across all its operations by the principles of promoting transparency, enhancing accountability and protecting confidentiality. I raise the issue of the NDB’s claim of transparency and accountability after attempting to get a breakdown of the $200m loan the bank approved in May for the expansion of Transnet’s Durban Container Terminal, including the drawdown schedules. At the back of my mind was the rigour of the process followed by the World Bank in extending facilities to member countries. For example, a previous $30m World Bank loan to Eskom for generation, transmission and distribution was preceded by a comprehensive technical report on the company. By digging around inside the company, stakehold...
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