First major project in Egypt reveals transparency oversight by European public banks
Blog entry | 13 November, 2012A $3.7 billion PPP oil refinery expansion in Cairo is accompanied by contradictory project documents, making a mockery of claims by the public banks involved to be committed to “good governance” or democracy. Despite being presented as merely translations of one document, the Arabic and English “versions” are entirely different – with the Arabic markedly cursory and superficial.
Read moreThat’s what they call sustainable. The EBRD’s 10 billion for sustainable energy
Blog entry | 6 November, 2012The European Bank for Reconstruction and Development boasts of having invested 10 billion euros in sustainable energy since 2006. A closer look reveals that although the bank’s efforts deserve recognition, several investments make a mockery of ‘sustainability’.
Read moreCrunch time at Sostanj
Blog entry | 5 November, 2012November is shaping up to be crunch time for a new 600 MW lignite plant planned to be built at Sostanj in Slovenia. If the Slovenian government doesn’t manage to offer a state guarantee for loans from European public banks that should cover half the construction costs by the end of this month, the project could fail. At Bankwatch, we’re preparing our popcorn for the latest Sostanj thriller, on show across Europe this month.
Read more‘Comments noted’, business as usual continues. The marginal public influence on the EBRD’s new mining policy
Blog entry | 2 November, 2012After long delays and more than 3 years of preparation the European Bank for Reconstruction and Development has finally completed and published a policy for its operations in the mining sector. Both the consultation process and the final outcome must leave “the consulted stakeholders” disappointed.
Read moreHow Ukraine can survive without nuclear – renewable energy potentials reviewed
Blog entry | 22 October, 2012A closer look at Ukraine’s energy strategy reveals fundamental flaws in the government’s plans to continue using old nuclear reactors and its rhetoric of nuclear being the only possible alternative.
Read moreCovering the Balkans in Soot: The New European Energy Community Strategy Favours Fossil Fuel Reliance
Press release | 17 October, 2012Brussels — Neighbouring countries of the EU from the Western Balkans to Ukraine are planning unsustainable energy futures relying on coal and nuclear. An energy strategy for the region to be approved Thursday by the European Energy Community indicates that such investments in dirty fuels could happen with EU support and financing.
Read moreEuropean public banks must improve transparency
Press release | 1 October, 2012Brussels – The European Investment Bank (EIB) and the European Bank for Reconstruction and Development (EBRD) score low on transparency according to the ‘2012 Aid Transparency Index’ [1] published today by the campaign group ‘Publish What You Fund’.
Read moreTrust us, we’re euphoric – Private equity and a tax haven part of the EBRD’s first post-Arab Spring swoop
Blog entry | 26 September, 2012For its first loan to ‘Arab Spring’ countries the European Bank for Reconstruction and Development has chosen vehicles and partners whose ability to deliver developmental value is highly uncertain.
Read moreWorld Bank and Others Poised to Invest in Rio Tinto’s Flawed Mongolian Mining Project
Press release | 24 September, 2012Ulaanbaatar, Mongolia — The World Bank Board of Directors has announced plans to consider a copper and gold mining project in the Mongolian South Gobi desert even though the Bank itself acknowledges that there is not enough water in the region to support the life of the Project. Despite ongoing community opposition to Rio Tinto’s Oyu Tolgoi mine and its associated facilities (“OT Project”), the World Bank is considering a financing package of US$900 million in loans and up to US$1 billion in political risk insurance for the OT Project in early November.
Read moreThe EBRD in Mongolia: Economic diversity is something else
Blog entry | 18 September, 2012Investment data for Mongolia illustrates that without improving the European Bank for Reconstruction and Development’s plans for the mining sector, the bank may add to the dependence on raw materials exports in resource rich countries.
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