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Call to financial authorities to intervene on controversial project bonds

Today Counter Balance and Re: Common sent a letter to financial authorities in London and Rome urging them to intervene on the issuance of project bonds linked to Passante di Mestre – a motorway under corruption investigation in Italy. The letter signals to the financial authorities the risks linked to the issuance of a project […]

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NGOs call the EIB Board of Directors for action

On 1 February, the European Investment Bank (EIB) will host in Luxembourg the annual seminar between the bank’s directors and civil society. The Counter Balance coalition, jointly with its NGO partners, will present to the EIB Directors three policy briefings highlighting the most urgent issues the EIB should tackle in 2016. In particular, we call […]

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NGOs urge the European Investment Bank not to finance the Southern Gas Corridor

A group of 27 NGOs sent an open letter to the President of the European Investment Bank (EIB) today urging the Bank not to finance the Southern Gas Corridor, a 3500 kilometres-long chain of gas pipelines from Azerbaijan to Europe. As the EIB considers granting the biggest loan of its history to the Consortium in […]

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Letter urges EIB board of directors to amend the EIB’s draft climate strategy

The EIB’s Climate Strategy represents a unique opportunity to ensure full policy coherence between the operations of the EIB and EU climate objectives, to support the EU transition to a low carbon and resource efficient economy and to enhance the credibility of the EIB and EU in fighting against climate change – ahead of the […]

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NGOs demand: No public money for Lukoil and mega gas project in Azerbaijan

On Wednesday 22 July the European Bank for Reconstruction and Development (EBRD) will decide whether it will arrange a loan of up to $ 500 million to Russia’s Lukoil for the Shah Deniz II offshore gas project in Azerbaijan. Together with the campaigners of Sport for Rights and sixteen other NGOs, Counter Balance has written […]

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Counter Balance input to the EIB climate policy consultation

In order to re-orient the EIB towards more sustainable and climate-oriented operations, Counter Balance submitted two written inputs to the EIB’s public consultation to create a Climate Policy. The first one – jointly submitted with Bankwatch, Focus, urgewald, Both Ends, Estonian Green Movement, Transport and Environment, CEPA Slovakia and Latvian Green Movement – makes proposals […]

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EIB set to weaken transparency standards

Brussels — One week before the European Investment Bank’s board of directors is expected to approve the bank’s new transparency policy, 11 civil society groups* monitoring the EIB warn that, as it stands, the draft policy amounts to a weakening of the already dismal transparency standards of the EU’s house bank. In a letter sent […]

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EIB transparency review: CSO submission

Five years after the implementation of its transparency policy, the EIB has committed to review it. Despite considerable efforts by the bank to improve its transparency by signing the International Aid Transparency Initiative (AITI) and the launch of an online registry of environmental documents, other structural improvements are necessary. Moreover the revised draft policy by […]

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Transparency Policy Review – Letter to EIB directors

Campaigners across Europe are urging the European Commission and their Ministers of Finance to halt a dangerous slide towards secrecy of the giant European Investment Bank (EIB), of which the EU member states are owners. Read the full letter here

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Where now for the Project Bonds Initiative?

As  the  pilot  phase  of  the  Project  Bond  Initiative  descends  into  acrimony  amid  the closure of its flagship pilot project, the recent downgrading of the Castor bonds to junk status and the Spanish government’s announcement that it expects to compensate investors  for  the  project,  it  is  hard  to  imagine  that  this  is  what  the  European […]

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