Time for public development banks to put human rights and sustainability first

From 19-20 October 2022, over 450 Public Development Banks (PDBs) are gathering in Abidjan, Ivory Coast for a third international summit dubbed Finance in Common. In the first two summits (Paris 2020 and Rome 2021), Civil Society Organisations (CSOs) from across the globe signed statements in part demanding that development banks recognise and incorporate human rights into their plans and actions. We advocated for banks to honour their obligation to “do no harm” and assessed the progress banks had made in enabling access to fundamental rights for all.

Unfortunately, the bank's previous promises on sustainability and prioritising developing countries and vulnerable groups are still far from reality. Many PDBs continue to safeguard the interests of the powerful, limit public participation and conceal crucial information about their plans and funding decisions.

CSOs have released a joint statement ahead of this year's summit making it clear that this has to change. We call on PDBs to invest in human rights and sustainable solutions which will build a just, equitable and inclusive world for all.