Economic justice policy officer
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It is of great concern to us that the EBRD is considering a loan for Energy Financing Team (EFT), a company which is under continued investigation by the UK Serious Fraud Office (SFO) regarding its activities in Bosnia-Herzegovina. This investigation was launched based on a series of convergent facts and reports, in particular a special audit report of the Republic of Srpska power utility. We believe that for the EBRD to publicly associate itself with the company, even by posting a procurement notice and stating that the company may apply for an EBRD loan, sends out a message that being under investigation for possible corruption is no barrier to receiving public financial support. After years of attempts by various actors to improve public and corporate governance standards, this is exactly the opposite message that the EBRD ought to be sending out.
Letter to the EBRD regarding the Kaniv pump storage plant
November 13, 2007 | Read more
On November 19, 2007 EBRD responded to this letter. Download the response as pdf here.
Kaniv pumped storage plant: project risks
November 12, 2007 | Read more
In March 2006, the Ukrainian Cabinet of Ministers approved the "Energy Strategy of Ukraine till 2030." The Strategy foresees the growth of electric power generation mainly by the development of Ukraine’s power engineering due to the priority usage of nuclear energy. As nuclear power plants (NPPs) do not represent loads-shifting generating capacities, there is a problem with loads-shifting in the network. For this purpose the Strategy foresees the installation of loads-shifting capacities – or pumped storage plants (PSPs).
