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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Counter Balance at EU Development Days in Lisbon

At the European Development Days in Lisbon NGO campaigners concerned about the expanding financing role of the European Investment Bank in developing countries have called for the Bank to urgently strengthen its lending standards and procedures. The coalition had a stand in the Development village and participated in the regular CSO workshop organised by the […]

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NGOs brand EIB the weakest link in EU development aid efforts

At the European Development Days in Lisbon, NGO campaigners concerned about the expanding financing role of the European Investment Bank (EIB) in developing countries have called for the EIB to urgently strengthen its lending standards and procedures. Magda Stoczkiewicz, Policy coordinator for CEE Bankwatch Network, said: “Its recent big funding increase will make the EIB […]

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Raising the bar on big dams

Raising the bar on big dams: making the case for dam policy reform at the European Investment Bank

The European Investment Bank has been involved in a number of large dam projects in recent years, many of them in Africa. All could have been improved – sometimes significantly so – by more careful planning and better implementation standards. Despite making vague references to the recommendations of the World Commission on Dams, the EIB […]

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publication

European Investment Bank: Promoting sustainable development, “where appropriate”

This report aims to inform the ongoing review of environmental and social practices within the EIB by examining the standards endorsed by the EIB in a variety of social policy areas, and identifying ‘international best practices’ against which the EIB’s new framework will invariably be judged. Specifically, it will focus on five different social policy […]

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Demonstrators tell EIB to stop financing climate change

Environmental campaigners from around Europe held a demonstration today in Ljubljana, Slovenia aimed at ending the climate change enhancing investments of the European Investment Bank (EIB), the bank of the European Union and one of the biggest public lenders in the world. As the EIB opened its two-day annual forum – entitled “Financing Energy – […]

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