Home » Press Release

Category Archives: Press Release

इंफ़्रास्ट्रक्चर निवेश: विकास या विनाश

एशियन इंफ़्रास्ट्रक्चर इन्वेस्टमेंट बैंक और भारत का नेशनल इन्वेस्टमेंट एंड इंफ़्रास्ट्रक्चर फ़ंड के निवेश संकट की और एक इशारा

Blue Economy, Its Impact on the Coastal Economy, and the Role of IFIs

Siddharth Chakravarty of The Research Collective explains the Blue Economy, its impact on the coastal economy, and the Role of IFIs.

Press Release:People’s Movements Determined to challenge the unbridled expansion of infrastructure financing by international financial institutions

Chennai: June 4, 2018

• Peoples Movements & CSOs to organise Peoples’ Convention on infrastructure financing coinciding the 3rd Annual Governors Meeting of Asian Infrastructure Investment Bank (AIIB) in Mumbai
• Determined to challenge the unbridled expansion of infrastructure financing by international financial institutions

Posing a challenge to the rapid expansion plans of international financial institutions like AIIB, people’s movements, civil society organisations and their allies are holding a Peoples’ Convention in Mumbai just days before the 3rd Annual Meeting of AIIB. This was announced by the Working Group on International Finance Institutions (WGonIFIs) in a press conference in Chennai today. WGonIFIs is a platform of a large number of people’s movements and CSOs fighting against negative impacts of large infrastructure projects, financed by international capital, like bullet trains, energy projects, large commercial ports and transport projects.

“Looking at the history of IFI investments in India, like that of the World Bank, where a large number of people has been severely impacted due to rapid expansion of mega infrastructure projects, we are concerned that a new infrastructure investment bank like AIIB without even the basic social environmental safeguards will take away people’s rights over natural resources, deprive them of their livelihood and impact the climate, causing irreversible damages”, energy and climate change expect Soumya Dutta said.

In the Chinese led bank AIIB, India holds the second largest shares, next to China and is a favourable destination of their investments securing 25% of the already approved lending. Within a short span of 3 years, India received loans worth $1.2 bn, out of a total $4.4 bn. The approved projects for India include transmission lines in Tamilnadu, rural roads in Madhya Pradesh and Gujarat, 24 X7 electricity for Andhra Pradesh, financial intermediary India Infrastructure Fund. The highly controversial Amravati capital city project is under the consideration of AIIB Board. Another $3 bn worth projects are in the pipeline for India.

Senior activist Jesuratnam from the Coastal Action Network, Tamilnadu said that “Infrastructure banks like AIIB is likely to investment in projects like Sagarmala which has three coastal economic zones in Tamilnadu comprising of ports, roads and associated infrastructure which will disrupt fishing operations and livelihood of fisherpeople. Large-scale infrastructure will not only displace and destruct the livelihoods but lead to disruption of coastal ecology and public indebtness”.

People’s organisations, CSOs and concerned citizens, under the aegis of WGonIFIs will be holding a Peoples’ Convention in Mumbai from June 21-23, just days before the official annual meeting which will be held in the same city from June 25-26. The Convention will bring together people fighting against large infrastructure projects, and people negatively impacted by the international financial institutions financed ‘development projects’ in the country.

Some of them include, National Alliance of People’s Movements, Bhumi Adhikaar Andolan, National Fishworkers’ Forum, Natioanl Hawkers Federation, Narmada Bachao Andolan, North East Peoples’ Alliance, Guajrat Khedut Samaj and All India Union of Forest Working People.

“The program will bring voices from across the country who are affected by large infrastructure projects and will devise strategies to make financiers accountable to the people’, co-ordinator of the People’s Convention Maju Varghese said.

The People’s Convention will witness coming together of over 250 groups, deliberations in around 20 parallel workshops on the impacts of international lending, cultural expressions of protests and mass action.

For more information on the Peoples Convention visit http://www.wgonifis.net

Contact: Maju Varghese: wgonifis@gmail.com | 8826249887

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

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.

Background:

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.

About Us: 

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 | wgonifis@gmail.com

Website: https://wgonifis.net

Concept Note: https://wgonifis.net/2018/04/29/peoples-convention-on-infrastructure-financing-concept-note/

Registration: https://wgonifis.net/aiib-peoples-convention/

Maju Varghese | 8826249887 

Mecanzy Dabre | 9665006429 

Himshi Singh  | 9867348307