In close collaboration with Accountability Counsel, Inclusive Development International, OXFAM, the Right to Education Initiative (RTE) and WEMOS, we presented a joint statement on the urgent need for enhanced accountability within International Financial Institutions (IFIs) and Development Finance Institutions (DFIs) during the Committee on Economic, Social and Cultural Rights (CESCR)'s NGO Annual Meeting. 

We underscored the numerous human rights violations associated with projects funded by IFIs and DFIs, particularly in the domains of education and health where private actors are involved. Our video intervention called upon the Committee to advocate for IFIs and DFIs to implement transparent and effective accountability mechanisms, emphasising the importance of robust remedy policies applicable to both clients and third parties funded by these institutions. We also highlighted the need for urgent action to ensure human rights-compliant due diligence, ongoing monitoring of projects against human rights standards, direct communication channels with affected communities, and provision of effective remedies for those harmed by IFI and DFI investments. 

Along with partners, we urged the CESCR to take decisive action in ensuring that IFIs and DFIs uphold human rights standards, mitigate risks associated with their projects, and prioritise the well-being of communities affected by their initiatives. This call to action reflects our shared commitment to promote accountability and protect human rights in development finance practices. 

For more information read the joint statement below.