The EBRD: Fueling the future, or stuck in the past?
November 19, 2015
A closer look at the projects that the European Bank for Reconstruction and Development has financed in the energy sector in Middle East and North African countries reveals that, despite the bank’s rhetoric about promoting sustainable energy, its balance sheet has fossil fuels all over it.
Some Arab CSO aspirations and concerns for the EBRD annual meeting
May 14, 2015
The economic model with which the EBRD operates often fails to understand and respond to the development challenges of Arab countries.
Bankwatch fact-finding mission to Tunisia reveals major flaws in EBRD oil and gas investment
May 14, 2015
In July 2013 the EBRD approved its second loan in Tunisia, to Serinus Energy. With the EBRD investment portfolio in Tunisia standing at the end of 2014 at EUR 212 million the Serinus Energy loan represents roughly 25 percent of all EBRD loans in Tunisia to date and is the only loan to have gone to the country’s natural resources and energy sector. With such a significance, therefore, surely the EBRD would make every effort to ensure that the project meets the Performance Requirements of its own Environmental and social policy (from 2008) and that it demonstrates a positive transition impact for Tunisia?
Winstar oil and gas fields in southern Tunisia
May 12, 2015
In 2013 Winstar Tunisia, a subsidiary of Serinus Energy, obtained a USD 60 million loan from the EBRD to develop four oil and gas fields in southern Tunisia. In March 2015, Bankwatch met with local authorities, civil society representatives and labour unions in the two southern provinces and identified a number of problematic aspects, most notably the lack of transparency and communication from the side of the company with local stakeholders.
EBRD must not back Egyptian coal imports
February 24, 2015
Cairo — Ahead of tomorrow’s Board vote on the EBRD loan to CEMEX Egypt, a number of civil society organisations [*], inlcuding Egyptian groups, urge the bank to reject this project not only because it involves support for dirty coal-based production but also because it actually means promoting the plans of a repressive government despite opposition from civil society.
Proposed EU loan would make Tunisia’s debt problems worse, say CSOs
March 28, 2014
– MEPs to vote on new loan in April. – Tunisia is already paying more to its Western creditors than it receives in loans and grants, and almost all of the new loan would be used for debt repayments. Civil society groups from Tunisia and Europe are urging the European Parliament to concentrate on debt relief instead of voting through a EUR 300 million loan to Tunisia, arguing that this will only add to the country’s huge existing debt burden.
The EIB’s double standard for human rights in Ukraine and Egypt
February 24, 2014
While drawing concrete consequences from the violence that happened in Ukraine, the European Investment Bank seems to be unmindful of the ongoing human rights abuses and killings in Egypt.
Letter to EBRD re potential funding of coal power projects in Egypt
January 29, 2014
Civil society letter: EBRD’s political mandate and value added in Egypt doubtful
January 27, 2014
With this letter 14 organisations from the MENA region and Europe bemoan the lack of clear purpose and effectiveness of the EBRD’s democratic principles that are being undermined by the bank’s moves towards making Egypt a full country of operations despite having significant concerns about the state’s conformity with these principles.
Litmus test for EBRD rhetoric on democracy with Egyptian oil project
December 19, 2013
On December 18 the EBRD board of directors approved a loan of USD 50 million to finance a project aimed at the expansion of oil operations and reducing gas flaring in Egypt. Yet the tenuous political situation in the country continues to raise concerns about the bank’s ability to make a positive contribution towards the democratic process, and whether it should be investing there at all.