This Week: Enhancing development BRIC by BRIC

BRICS Summiit

Leaders of the BRICS nations, from left, Russia’s President Vladimir Putin, India’s Prime Minister Narendra Modi, Brazil’s President Dilma Rousseff, China’s President Xi Jinping and South Africa’s President Jacob Zuma, pose for a group photo during the BRICS summit in Fortaleza, Brazil, Tuesday, July 15, 2014 (Silvia Izquierdo/Associated Press).

With the launch of the BRICS “New Development Bank” there has been a tizzy of articles and posts about what the implications of this might be. Most of them have one thing in common-they start with a reference to the end of the World Cup. Yes, we miss it too. The Tour de France just doesn’t quite fill the gap it left.

If you want to dig into the flurry of opinions surrounding the NDB, you can start with the article from the Monkey Cage which provides a good amount of background and explains how this isn’t the first initiative lead by developing countries for an alternate financing source for development.

Many point to the huge decisions and growing pains that are yet to come, which causes others to wonder if the NDB will achieve all it hopes to. The World Bank welcomed the NDB, and offered some guidance based on the Bank’s 70 years of experience, including safeguarding against social and environmental impacts.

Another new initiative in development finance got a bit of limelight this week-Development Impact Bonds which is based on Social Impact Bonds pay-for-success format was featured in Forbes. The article focuses on a girl’s education project in India that will need to achieve certain measures to receive the payment.

If you’re wondering why I haven’t talked about Open Data yet, rest easy. The OKFest took place last week. If you couldn’t go, catch up on what’s atwitter about open data via this Storify

It’s been a year since Open Nepal got started, and is a good time to take a look at what has been learned from the initiative. Including, while there is a lot of interest for data, very few are using it, and there are several real barriers that keep data use limited. Open Nepal also highlighted the best places to get data from, and how the Government of Nepal is using the data in the Development Cooperation Report.

Critical for those of us who are data users and cheerleaders, is data quality. Thus, the recently published CGD report “The Political Economy of Bad Data: Evidence from African Survey & Administrative Statistics” that suggests that “official statistics systematically exaggerate development progress” is an important read.

Meanwhile Open Spending announced their efforts at creating a global standard for Budget Data and asked for input after checking out their Budget Data Package.

Some additional interesting data reading: Ireland is the world’s ‘goodest’countryWhy West African government are struggling in response to Ebola, and the US government agencies that have yet to produce an open data plan are late to the game!

Weekly updates are written by Taryn Davis of Development Gateway; email her your tips for next week's update to get a shout-out in the post.

Tags: This WeekBRICSdevelopment bankNDBopen dataWorld BankOK Festebola