This week, the global network of Public Development Banks (PDBs) held their first face-to-face Finance in Common (FiC) Summit in Abidjan, Ivory Coast – the third since its inception. This year, it was co-organised by the African Development Bank (AfDB) and European Investment Bank (EIB). The theme was “Green and just transition for a sustainable recovery”.

Lidy Nacpil, Coordinator of the Asian Peoples Movement on Debt and Development (APMDD), said: 

“The urgency of the current polycrisis engulfing the world needs bold actions. Yet there has been a failure to recognise this in the FiC Communiqué, even though the host continent is so profoundly affected by the Covid-19, climate, debt and cost-of-living crises. Social movements and civil society organisations from the global south and north are calling on governments and institutions for debt cancellation for developing countries, and demanding concrete and immediate steps to end public financing of fossil fuels, plus much needed grants-based climate finance. The FiC Communiqué falls very short of these calls. Instead, policy paradigms and dogmas that have aggravated the devastating multiple crises seem to remain unchanged.”

Maria Jose Romero, Policy and Advocacy Manager at the European Network on Debt and Development (Eurodad), said:

“The Communiqué includes no reference to what PDBs are going to do to deal with the multiple crises.  The FIC presents itself as a 'unique go-to platform for all PDBs’, instead it is nothing more than a talking shop. 

“Although the FiC Communiqué implies efforts to address the urgency of a human rights-based approach to financing for development, it is still unclear how this is going to be implemented. PDBs must integrate human rights principles in their governance and operations, including strong due diligence procedures, and robust accountability mechanisms. We expect PDBs to align their mandate and operations with the Sustainable Developments Goals and the Paris Agreement. Like in the case of the World Bank last week, unfortunately, this summit has again demonstrated the urgent need for structural reform to create more democratic, transparent, accountable and people-centered institutions. The United Nations Financing for Development process is the only legitimate space to advance on a new public finance architecture.”

ENDS

Media contact:
Julia Ravenscroft, Eurodad: [email protected]/ +44 7958 184 695.