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Forum for the Future of Aid

Southern Voices for Change in the International Aid System Project

The Forum on the Future of Aid is an online community dedicated to research and opinions about how the international aid system currently works and where it should go next

organised by ODI

The Bank of the South Initiative

By Ruth Espínola Soriano de Mello

The author provides a summary of the conflicts and challenges in defining the Bank of the South’s foundation. Delays on defining key issues, such as objectives, structure and guidelines, among others, are related with important differences that exist among the countries.
Key areas of potential conflict have to do with the Bank’s role (regional central bank or traditional development bank), the composition of the capital stock, and the decision-making system (“one country-one vote” opposed to “one dollar-one vote”).
The establishment and consolidation of this new regional financial entity depends on the negotiations currently underway. Since so far the Bank’s foundations have been defined by the national executive branches, one of the major challenges is to incorporate legislative bodies, civil society, and social movements into the dialogue.

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