Drawing lessons from the European Investment Bank’s external lending: supporting private sector development, undermining local communities’ development

With regards to the European Commission’s public consultation process Counter Balance has submitted its considerations on the Green Paper on “EU development policy in support of  inclusive growth and sustainable development: Improving the impact of EU development policy”.

Our major concern is the overall focus on the private sector involvement as an engine for inclusive growth and the ideological assumption that it is indispensable to get the private sector on board within nowadays development strategies. In our opinion much more attention should go to the conditions, criteria and constraints that must be applied to the private sector when it receives EU development funds, to ensure that it operates in line with EU legal obligations and objectives. To underpin our remarks we draw lessons from the European Investment Bank (EIB) to illustrate the often pernicious impact of the private sector on development.

Read our entire submission here.

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