Counter Balance statement on the Commission proposal for the EIB’s mandate to lend outside the EU

The Commission proposal for a new European Investment Bank (EIB) mandate to lend outside the European Union contains several improvements compared to the previous version and includes various points that were raised by NGOs in the past. However, it leaves many concrete aspects to further decisions and allows a broad interpretation of important obligations. And […]

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European Investment Bank Annual General Meeting 8th June 2010: A Word of Warning

It’s the European Investment Bank’s Annual General Meeting 2010. That means lots of self-congratulatory back-slapping and carefully selected statistics being waved around by men in suits. Don’t get us wrong: we at CounterBalance may be consistent critics of the EIB, but we do recognise some of the efforts the Bank is making to be less […]

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The European Parliament, the democratic EU institution, vindicates Counter Balance positions and concerns on the EIB

Counter Balance, the NGO coalition that monitors the European Investment Bank, welcomes today’s European Parliament (EP) resolution on the EIB, especially its recommendations on closer supervision, greater transparency and access to information. Counter Balance concurs with many of the recommendations of the EP, notably: •    Strengthening the Audit Committee “to ensure the EIB is soon […]

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Counter Balance briefing on the Wise Persons’ Panel report evaluating the external lending mandate of the EIB

Counter Balance admires the extensive analysis that the Wise Persons’ Panel has undertaken of EIB lending activities outside the European Union, and particularly its willingness to begin to address the developmental impacts of that lending. There are many proposals put forward by the panel that can help European development finance begin to aid genuine development—as […]

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EIB Quits Tenke Fungurume Mining Project: It’s Time for Extractives Review

The EIB confirmed today that it will not finance the first phase of the Tenke Fungurume mining project in the Democratic Republic of Congo. The Tenke project, one of the largest copper-cobalt deposits in the world and majority owned by the giant American mining conglomerate Freeport McMoRan, is notorious for lack of transparency and corruption […]

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NGO response to Salini’s misinformation on the “STOP GIBE 3” campaign

Counter Balance, Campagna per la Riforma della Banca Mondiale (CRBM), Friends of Lake Turkana (FoLT) and International Rivers launched a campaign last week to halt the Gibe 3 Dam in Ethiopia (www.stopgibe3.org ). The Gibe 3 project contractor, Salini Costruttori, reacted publishing misleading and highly debatable information in two related press releases dated March 26 […]

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International NGOs Launch Campaign to Stop Man-Made Disaster in Ethiopia

Campagna per la Riforma della Banca Mondiale * Counterbalance * Friends of Lake Turkana * International Rivers Joint press release International NGOs are calling for the halt of the destructive Gibe 3 Dam on Ethiopia’s Omo River. The dam threatens the land and livelihoods of 500,000 tribal people in Southern Ethiopia and Northern Kenya. By […]

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Camdessus is taking our eyes off the ball

Appeared in European Voice Our eyes should be on how well the European Investment Bank is lending money in the developing world. The frisson of excitement that has greeted the ambitious suggestion by Michel Camdessus, the former head of the International Monetary Fund, to create a new body called the European Development Bank (“Radical reforms […]

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The European Investment Bank in the ACP countries – critical points for the Mid-term review of the Investment Facility

The purpose of this submission is to raise some of the critical points that we believe need further exploration by the external experts evaluating the Investment Facility of the EIB. Read the full submission here

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Corporate welfare and development deceptions: Why the European Investment Bank isn’t fit for EU development work

The Counter Balance campaign today called for a winding-up of so-called development lending activities at the European Investment Bank (EIB), as the European NGO coalition issued a report detailing exactly why people living in poverty are failing to receive the benefit of billions of euros loaned each year by the EIB outside the European Union.[1] […]

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