Bujagali falls (foto International Rivers)

Ugandan citizens’ complaint against EUR 95 million EIB loan for Bujagali Hydropower Dam

Press Release, Brussels, 25 November 2009. The Bujagali Hydropower Project is a 250-megawatt power-generating facility developed by Bujagali Energy Limited, a joint venture between Kenya-based Industrial Promotion Services (IPS), the Aga Khan Fund for Economic Development, and US-based Sithe Global Power, with construction by Italy’s Salini. Following the findings of a field mission in Uganda […]

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“The European Investment Bank – ready for development?” – conference organised by Counter Balance coalition

24 September 2009 Counter Balance – Challenging the European Investment Bank is pleased to invite you to a conference on: “The European Investment Bank – ready for development?”, November 18-19, 2009 Brussels, Belgium on the European Union’s (EU) house bank’s new role as a development institution, and the reforms needed to address its new challenges. […]

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Letter to the EU Climate Action Commissioner adressing CSO concerns about EC and EIB role in climate finance

Re: Concerns of Civil Society Organiations about the role of European Commission and the European Investment Bank in climate finance Dear Commissioner Hedegaard, According to what we learned from media reports and institutional statements, the European Commission and the European Investment Bank (EIB) are exploring a joint climate finance initiative for developing countries as part […]

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The EIB and the economic crisis

English version

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Counter Balance asks the EIB to do more and soon on cracking down tax havens

“The European Investment Bank (EIB) new interim policy towards offshore financial centres (OFCs) announced today is a first step in the right direction”, says Counter Balance spokesman – member of the Italian Campagna per la Riforma della Banca Mondiale, Antonio Tricarico. “Unfortunately it is also insufficient to tame the gigantic tax elusion of transnational business”. […]

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EIB: funding development through tax havens

By Stephen Gardner in the EUobserver – The European Commission and big member states like France and Germany are planning a crack down on tax havens (while Britain is pretending to). So it might come as a surprise that the EU’s house bank, the European Investment Bank (EIB), is busily lending to companies established in […]

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flying in the face of development

Flying in the face of development – how the EIB enables tax havens

This study shows that many projects and beneficiaries funded by EIB money involve tax havens and transnational companies that use them for tax purposes. Tax evasion and avoidance from developing countries represents a significant multiple of global overseas development assistance every year. This leakage is facilitated by tax havens, which provide infrastructure and services to […]

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The Smoke and Mirrors of the EIB – on Gibe 3 Dam (Ethiopia)

Clarification on the European Investment Bank’s role in Ethiopia’s Gibe 3 Dam A statement issued June 4 by the European Investment Bank contradicts a June 3 announcement made to Friends of Lake Turkana that the Bank had withdrawn its consideration of the Gibe 3 Dam in Ethiopia. The June 4 statement is consistent with the […]

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Action Rally on EIB & Tax Haven: EIB Loans for Companies in Tax Havens Severely impact the have nots’

Brussels, Belgium – NGOs from across Europe rallied today in front of the Council of the EU in Brussels with a strong demand to the European Investment Bank (EIB), the EU’s ‘bank’ – STOP PROVIDING LOANS TO TAX HAVEN-BASED MULTINATIONALS. The Counter Balance coalition together with Eurodad, Tax Justice Network, Friends of the Earth and […]

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MEP’s vote for increased transparency and accountability of the European Investment Bank in its loans to developing countries

The Counter Balance coalition, a coalition of environmental and development non-governmental organisations recognizes the major step forward taken by this vote on the increase of both accountability and transparency of the European Investment Bank’s operations. Now the EIB can no longer ignore a certain number of principles when granting loans to a project in the […]

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