Some points of departure – interview with the new president of the EBRD
December 14, 2012
Sir Suma Chakrabarti became the sixth president of the EBRD this summer. Bankwatch Mail caught up with him recently to ask him his views on the bank’s operations in central and eastern Europe and, now, further afield, as well as on a few of the more acute issues that are currently high on the agenda – both for the EBRD and watchdog organisations like Bankwatch.
IFI negligence rife at first major post-revolution project in Egypt
December 14, 2012
A USD 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.
Never a dull moment in Slovene power plant soap opera
December 14, 2012
On November 30, the same day as the national government was under fire in the most heated protests Slovenia has seen in years, Slovenia’s ministers of finance and infrastructure added fuel to the flames by signing contracts with Simon Tot, director of the Sostanj lignite power plant for the controversial EUR 1.3 billion Sostanj Unit 6. These contracts prepare the ground for the signing of a state guarantee contract for a EUR 440 million loan from the European Investment Bank (EIB) for the project.
Grey area alert – IFI sponsored PPPs the latest big thing in Kazakhstan
December 14, 2012
While it is not to be unexpected for the public to attempt to scrutinise the effective performance of governmental agencies, in recent years in Kazakhstan it has been far from obvious that many resources and services, projects and finances are being provided by international financial institutions (IFIs). Indeed, very often it is the IFIs that act as catalysts for various government programs, reforms and ideas that are subsequently adapted via the bureaucratic apparatus to Kazakhstan’s reality.
Unsustainable energy future for EU neighbourhood region challenged
December 14, 2012
Europe’s neighbouring countries, from the Western Balkans to Ukraine, are intent on pursuing unsustainable energy futures that rely heavily on coal and nuclear. The draft energy strategy of the European Energy Community, recently open for public comments, is no big departure from the national plans, as Bankwatch found out when compiling comments to the draft – and, moreover, this reliance on coal and nuclear energy could end up receiving EU support and financing.
More questions than answers as new EBRD mining policy is chiseled out
December 14, 2012
After long delays and more than three years in the making, the European Bank for Reconstruction and Development (EBRD) finally in early November published its new mining sector policy. Yet both the consultation process and the final outcome have left “consulted stakeholders” disappointed.
More gold money lined up for controversial EBRD client
December 14, 2012
The EBRD’s board of directors is set to decide on December 12 whether or not to extend further significant financing to Canadian gold mining firm Dundee Precious Metals (DPM). This time the EBRD may invest up to USD 45 million in a ‘five-year revolving corporate debt facility’ to DPM valued at USD 150 million.
Connecting Europe Facility – connecting who, and what, exactly?
December 14, 2012
The economic crisis has accelerated the development of new financial instruments for the next EU budget period in 2014-2020. The main intention behind these instruments is to deliver substantial levels of new investment money from increasingly limited public resources in order to plot a path towards Europe’s economic recovery.
A useless sham – Review of the Oyu Tolgoi Copper and Gold Mine Environmental and Social Impact Assessment
December 14, 2012
The potentially EBRD supported Oyu Tolgoi copper/gold mine in southern Mongolia project poses significant adverse social and environmental impacts. This in-dept review – based on our own research as well as that of expert reviewers – shows that the Environmental and Social Impact Assessment (ESIA) is a non-starter and deeply flawed. The study is complemented by detailed expert analyses in five annexes.
Contest for citizens ideas for a better EU budget – awarded projects
December 14, 2012
Bankwatch’s Better Ideas competition invited ideas for projects could be financed by EU funds and that best contribute to the sustainable development in people’s communities. These are the winning projects in each of the participating countries.
