While the G8 leaders claim they are at war with tax avoidance, their own bank, the European Bank for Reconstruction and Development is involved in deals linked to offshore financial centres. Originally posted on the Bankwatch website by Anne-Sophie Simpere, MENA coordinator. Tackling tax avoidance was one of David Cameron’s priorities for the UK-hosted G8 meeting during [...]Read more
A roundtable discussion on European public banks and energy lending “It’s your energy” goes the slogan of Electrabel, Belgian’s primary energy company. But of course that’s not true. If it was my energy, most of it would not be generated in the first place and what I used would not come from nuclear power plants, [...]Read more
Originally appeared in the EU Observer By Antonio Tricarico BRUSSELS - Last week an internal document was made public which revealed that the European Investment Bank (EIB) is seeking an exemption on the Financial Transaction Tax (FTT). After speaking out against US legislation regulating over-the-counter financial derivatives trading last year, it is the second time the EIB [...]Read more
Cairo/Brussels On Wednesday 29 May, the European Bank for Reconstruction & Development (EBRD) will vote on whether to make a $40 million loan to Kuwait Energy to drill and extract oil inEgypt. Egyptian and international organisations are pushing the board of the public multilateral bank to reject the loan – or at least postpone [...]Read more
Tracking the records of development banks in the Middle East and North Africa: towards a new development paradigm for the region?
Launch debate and presentation of the report “The Great Middle East Beanfeast How ‘Development’ Banks are Using Public-Private Partnerships to Carve Up the Arab Spring Countries” Remember the Arab spring, the wave of popular revolts that hit several Arab countries in 2011. They initially resulted in the ousting of cruel dictators and brought about [...]Read more
BRUSSELS On the 23rd of April the EIB will approve its revised anti-fraud policy. What should have been an open process taking into account current political commitments against tax evasion and money laundering and recent investigations by the European anti-fraud office OLAF into projects financed by the EIB, will turn out to be a [...]Read more