The G8, tax havens and the need to clean up our own “bank yard”
June 18, 2013
While the G8 leaders claim they are at war with tax avoidance, their own bank, the European Bank for Reconstruction and Development is involved in deals linked to offshore financial centres.
NGOs against European bank’s plan to fund Egypt’s oil drilling project
May 28, 2013
They urged the EBRD “to reject the loan, or at least postpone its decision” A group of NGOs have announced their opposition to a proposed loan from the European Bank for Reconstruction and Development (EBRD) to fund oil drilling projects in Egypt. The EBRD is expected to decide on Wednesday whether or not it will provide a $40m loan to Kuwait Energy, according to a statement published by a coalition of NGOs including the Egyptian Centre for Economic and Social Rights, the Egyptian Initiative for Personal Rights and European groups CEE Bankwatch and Platform.
NGOs oppose European bank’s plan to fund oil drilling in Egypt
May 28, 2013
The European Bank for Reconstruction and Development proposes a $40m loan for Kuwait Energy to drill for oil
Concerns about the proposed EBRD loan to Kuwait Energy
May 27, 2013
This analysis looks to the proposed loan of the EBRD to Kuwait energy, scheduled for approval on 29 May. Primary findings are that: The EBRD failed to properly identify the beneficiary of the loan, or the country where it is incorporated (the tax haven Jersey). The fossil fuel nature of Kuwait Energy’s drilling will fail to improve development or social justice in Egypt. While the EBRD claims to prioritise renewable energy, the reality shows a commitment to further oil & gas extraction, one of the few sectors that can easily attract capital.
Groups oppose European bank’s plan to finance oil drilling in Egypt
May 27, 2013
On Wednesday 29 May the European Bank for Reconstruction & Development (EBRD) will vote on whether to make a $40 million loan to Kuwait Energy to drill and extract oil in Egypt. Egyptian and international organisations are pushing the board of the public multilateral bank to reject the loan – or at least postpone its decision.
Divesting from coal is not ideology but climate science – a reminder for the EBRD
May 14, 2013
The energy director of the European Bank for Reconstruction and Development has made astonishing statements about coal investments prompting Bankwatch’s EBRD campaign team to react.
Arab organisations speak out against EBRD
May 13, 2013
Economic and environmental concerns surrounding EBRD’s plans for SEMED region conveyed by regional groups
No end in sight for EBRD coal finance
May 10, 2013
Istanbul – With the 2013 EBRD annual meetings underway and in spite of repeated commitments to sustainability, the bank is set to continue financing coal projects that will dangerously aggravate climate change.
Mounting violations at Cairo refinery project seeking EBRD finance
May 10, 2013
A USD 3.7 billion refinery expansion project inside urban Cairo attracting international public development finance, including potentially from the EBRD, is also attracting major controversy as a result of forced evictions, pollution and concerns about the involvement of financial entities linked to the deposed Mubarak regime.
New EBRD Environmental and Social policy needs climate muscle and tightened safeguards for protected areas
May 10, 2013
If there is one sector in which the EBRD has been causing particular controversy in recent years, it is the energy sector. From lignite in Slovenia to hydropower in Georgia and nuclear in Ukraine, the bank has financed a series of projects that have incurred opposition from various quarters. Now that the EBRD is revising its Environmental and Social Policy it’s time to take a look at what needs to be learned from these projects.
