• Skip to primary navigation
  • Skip to main content
  • Skip to footer

Bankwatch

  • About us
    • Our vision
    • Who we are
    • 30 years of Bankwatch
    • Donors & finances
    • Get involved
  • What we do
    • Campaign areas
      • Beyond fossil fuels
      • Rights, democracy and development
      • Finance and biodiversity
      • Funding the energy transformation
      • Cities for People
    • Institutions we monitor
      • European Bank for Reconstruction and Development
      • European Investment Bank
      • Asian Infrastructure Investment Bank
      • Asian Development Bank (ADB)
      • EU funds
    • Our projects
    • Success stories
  • Publications
  • News
    • Blog posts
    • Press releases
    • Stories
    • Podcast
    • Us in the media
    • Videos

Home > Publications > Concerns about the proposed EBRD loan to Kuwait Energy

Concerns about the proposed EBRD loan to Kuwait Energy

Concerns about the proposed EBRD loan to Kuwait Energy

Briefing    |    27 May 2013

Download

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.
  • The EBRD’s miscategorisation of this project as unlikely to have major impacts enabled the bank to avoid adequate impact assessments or due diligence.
  • By focusing merely on disclosing revenue payments and not ensuring oil contracts are published, the EBRD is effectively undermining international best practices on transparency.
  • The loan is presented as a means to reduce heavily polluting gas flaring. However, these will make up only a small part of the project, if they take place at all. The briefing argues that the “gas flaring” element was used to disguise a loan essentially geared towards general oil extraction operations.
  • Download
Institution: EBRD

Theme: Energy & climate

Location: Egypt

Never miss an update

We expose the risks of international public finance and bring critical updates from the ground. We believe that the billions of public money should work for people and the environment.

More about our work

More about us

STAY INFORMED





Footer

CEE Bankwatch Network gratefully acknowledges EU funding support.

The content of this website is the sole responsibility of CEE Bankwatch Network and can under no circumstances be regarded as reflecting the position of the European Union.

Unless otherwise noted, the content on this website is licensed under a Creative Commons BY-SA 4.0 License

Your personal data collected on the website is governed by the present Privacy Policy.

Get in touch with us

  • Bluesky
  • Email
  • Facebook
  • Instagram
  • LinkedIn
  • RSS
  • YouTube