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Corruption cases put EBRD due diligence in the spotlight

Bankwatch Mail | 14 May, 2012 | Download PDF

In recent months bribery and money laundering allegations levelled at a former EBRD banker, as well as revelations that an EBRD staffer, now suspended, is one of the founders of the far-right, racist organisation the English Defence League have not made for great PR for the EBRD.


EIB urged to dump coal in energy policy review

Bankwatch Mail | 14 May, 2012 | Download PDF

The European Investment Bank has announced that it will commence a review of its energy policy – “Clean energy for Europe: A reinforced EIB contribution” – in the second half of 2012. Bankwatch welcomed the announcement as the current policy, adopted in June 2007, needs to be brought up to speed and aligned with the latest developments in EU energy and climate policies.


EU nuclear grab looms large in Ukraine

Bankwatch Mail | 14 May, 2012 | Download PDF

Earlier this year at the World Economic Forum in Davos, Ukraine’s president Victor Yanukovych met Thomas Mirow, the EBRD president, with Yanukovych deeming the ongoing cooperation between Ukraine and the bank to be “excellent”. Other than this being a diplomatic pleasantry, when it comes to energy infrastructure projects Ukraine certainly appears to have done very well out of the EBRD: since 2005 the EBRD has committed more than half a billion euros for these projects in Ukraine, in particular for the upgrade and construction of high-voltage transmission lines. Yet the experience for all concerned – including local communities – has been far from excellent, and concerns are mounting that further grid expansion plans could be storing up yet more problems.


Revolution at the EBRD required for any new role in Egypt

Bankwatch Mail | 14 May, 2012 | Download PDF

The figures should be well known. Somehow, though, in the western world, and especially in official quarters, they tend to get overlooked in the rush to impose the ‘next latest thing’ on post-revolution Egypt. The country’s seven percent GDP growth figure in 2007, hailed by the World Bank and others, concealed a multitude of injustices. For one thing, average per capita GDP growth plummeted from 4.1 per cent prior to 1990 to 2.7 per cent during the neoliberal era set in motion by the IMF structural adjustment regime in 1991.


EBRD approach to PPPs continues to perplex

Bankwatch Mail | 14 May, 2012 | Download PDF

After a long gestation period the EBRD’s new draft Municipal and Environmental Infrastructure (MEI) policy finally appeared in April, bringing some good news such as the bank’s commitment to start monitoring some on the ground project impacts and sustainability rather than just market-related transition impacts.