EU house bank’s penchant for dodgy deals in Africa must end, demand campaigners

European Investment Bank (EIB) announced last week that it would endorse and support the Extractive Industries Transparency Initiative (EITI). The EIB, which has invested over EUR 700 million in large scale mining projects in Africa since 2000, stated that it is ‘committed to promoting good transparency and governance in all the projects it finances’. [1] […]

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The shadowy bank that has loaned £150bn of your cash

By Heather Stewart in The Observer – The European Investment Bank is bigger than the World Bank or the IMF. Yet, critics complain, the little-known lender is lavishing taxpayers’ money on ‘pet projects’, some of which fly in the face of development priorities. Heather Stewart reports Middle Eastern sovereign wealth funds are bestriding the global […]

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EIB prepared to dig deeper into troubled Ethiopian dam project warns new report

Serious question marks over the ongoing involvement of the European Investment Bank (EIB) in a hugely controversial Ethiopian dam complex have been raised by a report released today by Counter Balance, a newly formed coalition of European NGOs focusing on the EIB’s activities in developing countries. [1] While the World Bank has publicly pulled out […]

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Gilgel Gibe Affair

The Gilgel Gibe affair: an analysis of the Gilbel Gibe hydroelectric projects in Ethiopia

The study illustrates the dangers that accompany large energy infrastructure projects whenever the interests of a major private company coincide not only with weak governance in the host country but also very clear willingness from financial institutions to provide funding, in spite of alarming project oversights and impacts. The study shows how goals to eradicate […]

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EURO-BANK: Funding the unspeakable

appeared in Corporate watch newsletter 40 Think of a recent bad UK infrastructure project. Got one? Who financed it? Any idea? If your project of choice was Heathrow Terminal Five, the M25 widening or London Underground Private-Public-Partnership, then a big part of the answer is the European Investment Bank (EIB) – the European Union’s house […]

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European Parliament passes resolution to end taxpayer support for fossil fuels projects

With a resounding majority (540 MEPs in favour), the European Parliament today passed a resolution on trade and climate change which calls for “the discontinuation of public support, via export credit agencies and public investment banks, for fossil fuel projects”. [1] The step was widely welcomed by environmental and development NGOs campaigning on export credit […]

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