Press Note | May 16, 2018
People’s Movements to Challenge AIIB’s Infrastructure Financing: Over 80 CSOs and Social Movements to Organize Events Parallel to AIIB’s AGM in Mumbai
Raising the serious issues of social and environmental costs in infrastructure projects, its economic burden on public and financial non-viability, Civil Society Organisations and social movements are set to organize a three day convention on Infrastructure Financing from June 21 – 23rd in Mumbai parallel to the Asia Infrastructure Investment Bank’s third Annual Governors Meeting slated for June 25-26 in the same city.
The movements and CSOs will hold the Convention under the aegis of Working Group on International Financial Institutions (WGonIFIs), which include over 80 people’s movements and other CSOs, including National Alliance of People’s Movements, National Hawkers Federation,National Fishworkers Forum, Narmada Bachao Andolan, Ghar Bachao Ghar Bano Andolan, Soshit Jan Andolan, Samajwadi Jan Parishad, Bhumi Adhikar Andolan; Environment Support Group; North East Peoples Alliance, and others.
During the Convention, various discussions will be held on urban development, transportation, coastal protection and coastal communities, sustainable energy and equity, privatization, monitoring financial institutions and their policies and projects in the country. The registrations for the workshops have started.
The Peoples Convention intends to demand accountability from the development financial institutions, particularly AIIB which lacks robust policies on environmental-social safeguards, transparent public disclosure and a complaint handling mechanism. While the detailed information about the programme will be shared later, you can know more about the AIIB’s projects and Peoples Convention here.
Asian Infrastructure Investment Bank, the two-year-old multilateral bank, is investing in all major sectors, including energy, without robust policies on environmental-social safeguards, transparent public disclosure and an accountability/complaint handling mechanism. Out of the total 24 projects, it has financed, USD 4.4 billion has already been approved. India is the biggest recipient from AIIB with more than 1.2 billion USD supporting about six projects including Transmission lines, Capital City Development at Amravati, rural roads etc. with another 1 billion USD in proposed projects.
WGonIFIs, a network of movements, organisations and individuals to critically look at and evaluate the policies, programmes and investments of various International Finance Institutions (IFIs), and joining the celebration of the people and communities across the world in resisting them. A list of the network is available here.
Last year, when the Asian Development Bank completed 50 years, the WGonIFIs observed it by holding actions of protests in over 140 locations spread in over 21 states in India against the investment policies of ADB and other International Financial Institutions.
For further details, please contact:
Working Group on IFIs | email@example.com
Maju Varghese | 8826249887
Mecanzy Dabre | 9665006429
Himshi Singh | 9867348307