Archive | April, 2011

Press Briefing: the EIB and corruption in Africa

Short summary of Nigerian case study to be presented: “In poor countries [corruption] can kill. Money meant for drugs for a sick child, or to build a hospital, can be siphoned off into overseas bank accounts or to build a luxury house”, Hilary Benn, former UK Secretary of State for International Development Through a private […]

Read more

Fueling an anti-development machine

So you’re a development bank and you have a problem: corruption associated with projects you fund. What are you going to do? You could hire independent investigators with punitive powers. You could increase penalties, like retraction of loans and heavy fines and bans. There are lots of other ideas in international anti-corruption agreements, some of […]

Read more
(Photo: makeroadssafe / Flickr)

More Western Banking Will Not Help the Mediterranean Pro-Democracy Struggle

Appeared in Truthout Writing for the Washington Post on March 10, 2011, David Ignatius reported that “White House officials like” the idea of the European Bank for Reconstruction and Development (EBRD) being given a role as “a bank for economic and political transition” in Egypt and neighboring countries. The US stance is important because this […]

Read more

EU Development Funds Doing More Harm than Good: EIB Supports Company that Dodges Taxes in Zambia

Appeared on Financialtaskforce.org The EU must prove itself as a promoter of development, by ensuring that more funds flow from the North to the South rather than vice versa. The case of tax-dodging Zambian copper mining company Mopani, shows that money from the ‘EU bank’ – The European Investment Bank (EIB) – continues to find […]

Read more

EIB beneficiaries face complaint for violating OECD “arm’s length” principles

Brussels – Five NGOs (1) have filed a complaint (2) against Glencore International AG and First Quantum Minerals Ltd for violating the OECD guidelines for multinational enterprises as their Zambian subsidiary Mopani Copper Mines (MCM) is alleged of dodging taxes for their benefit. MCM received a €48 million loan from the European Investment Bank (EIB). […]

Read more

The EIB in the Mediterranean region – Exchange of letters

The European Investment Bank wrote us a letter to express their displeasure with our press release “Keep European public banks out of Mediterranean region”, say NGOs. As requested by the bank we publish the entire letter on our website together with our response: EIB letter to Counter Balance and CEE Bankwatch Network Counter Balance and […]

Read more

NGOs welcome EP call on EIB to phase out fossil fuels lending

Strasbourg – Voting today on the 2009 annual report of the European Investment Bank (EIB), the European Parliament (EP) has called on the bank to „bring its operations fully into line with an EU objective of a swift transition to a low-carbon economy and to adopt a plan for the phase-out of fossil fuel lending.” […]

Read more