European Investment Bank in Africa | Bank Information Center: Monitoring the projects and policies of the World Bank, IMF and other international financial institutions


bicusa.org/eibinafr European Investment Bank in Africa Overview Structure Lending Policies Projects Updates Resources Contacts RSS Update \| 23 June 2008 World Bank continues to push African hydro despite concerns over vulnerability to climate change World Bank involvement in the proposed Inga and Kafue dams has brought criticism over the continued reliance on hydro in a warming world, and intentions to power foreign mining companies. Read more Update \| 3 April 2008 Controversial EIB-backed mining project in the Congo to face contract renegotiation DRC mining contract commission to push for a greater share in the Tenke Fungurume mining concession, one of the largest copper-cobalt deposits in the world. Critics charge that EIB's investment in the highly contested project before the conclusion of the contract review was "irresponsible." Read more Update \| 7 February 2008 Zambia to revise “unfair and unbalanced” mining tax rates set by World Bank While the World Bank has expressed its support for the move, calling the new fiscal regime "more equitable," critics counter that the Bank was responsible for insisting on rock-bottom tax rates in 1998 that have deprived the government of much-needed revenue as copper prices soared. Read more Update \| 17 January 2008 World Bank, EIB to release funds for Bujagali Dam as investigations into safeguard violations continue Construction of the dam proceeds despite an ongoing investigation into claims presented by civil society groups that the project violates environmental and social standards of both the World Bank and the African Development Bank (AfDB). Read more Update \| 20 September 2007 UN adopts Declaration on the Rights of Indigenous Peoples On September 13th, after over 20 years of negotiations, the United Nations General Assembly finally adopted the Declaration on the Rights of Indigenous Peoples. The international declaration sets a higher standard for international financial institutions (IFIs) to ensure safeguards and strengthen their policies on indigenous peoples. Read more Update \| 20 July 2007 EIB approves DR Congo mining project despite ongoing government review The European Investment Bank this week approved €100 million ($130 million) for the controversial Tenke Fungurume mining project, despite calls from civil society for public lenders to await the outcome of an ongoing examination of 60 mining contracts. Read more Update \| 19 July 2007 Controversy in Egypt over discounted gas to Spain Sale of gas from EIB-financed LNG plant in Egypt at discount prices raises questions about who benefited from the deal. Read more Update \| 13 July 2007 Chevron's Nigeria pipeline under investigation World Bank-backed project to receive Inspection Panel visit. Read more Update \| 11 July 2007 Civil society organizations call for public lenders to respect DR Congo mining contract review Critics argue that OPIC's expected investment in the Tenke Fungurume mine appears to prejudge the outcomes of the ongoing government review process. Read more Update \| 12 April 2007 CSOs register complaint with World Bank Inspection Panel over proposed Bujagali hydroelectric project Ugandan groups highlight risks of project to hydrology of Lake Victoria, sustainability of the energy production, lack of comprehensive needs and options assessment, anticipated impacts on local communities Read more Update \| 13 March 2007 NGOs demand revision of unfavorable DRC mining contracts A coalition of NGOs launched an appeal to the Congolese government, the World Bank and other international partners to "renegotiate, revoke or cancel" disadvantageous mining contracts made during the war and under the transitional government, in order to ensure that the Congolese people derive a "fair share" from the exploitation of the country's natural resources. Read more Update \| 13 March 2007 Public Consultation on EIB's Anti-Fraud Policy The EIB is launching a public consultation as part of a review of its anti-fraud policy from February 12-April 18, 2007. If required, this process will be extended to include another 20 working-day consultation, taking into account stakeholder comments from the first round. Comments accepted until April 18, 2007. Read more Update \| 7 March 2007 EIB and AfDB back feasibility study of uranium treatment in Zambia The use of public money by the European Investment Bank and the African Development Bank to extract uranium poses a serious cause for concern, not only because of threat of contamination of local water sources, but because of the precedent it would set. Read more Update \| 26 February 2007 EIB repeats concerns over Chinese lending in Africa At a recent press conference in Brussels, the head of the European Investment Bank (EIB) reiterated his apprehensions about increased competition from Chinese banks in Africa. As reported in the Financial Times, President Philippe Maystadt expressed his concerns that Chinese banks “apply lower ethical and environmental standards” to their investments in Africa, and that they are effectively undermining good governance and undercutting competitors. Read more Update \| 15 February 2007 Bujagali Dam fails to meet international standards A report released last week documents the failure of the proposed Bujagali Dam in Uganda to fully comply with the international best practices set by the World Commission on Dams (WCD) Read more Update \| 13 February 2007 World Bank's "model" project in Chad beset by persistent problems The controversial Chad-Cameroon pipeline is again in the news after an off-shore oil spill occurred near the town of Kribi in coastal Cameroon. Meanwhile in southern Chad, where ExxonMobil and its consortium partners extract nearly 200,000 barrels of “black gold” per day, the security situation and living conditions are deteriorating. Read more Update \| 22 December 2006 IFC and EIB post new documents on Uganda dam Both the International Finance Corporation (IFC) and European Investment Bank (EIB) disclosed project documents for the controversial Bujagali hydroelectric dam this week; IFC board date set for April 2007 Read more Update \| 21 December 2006 European Investment Bank approves over $1 billion for Africa's energy sector The EIB's emphasis on large, fossil fuel-based infrastructure projects a major cause for concern. Read more Update \| 20 December 2006 EIB to help finance controversial gas pipeline The European Investment Bank (EIB) last week approved a €70 million investment (approximately $87 million) in the Chevron-led West Africa Gas Pipeline Company (WAPCo) to support the construction of the 681 km-long pipeline that will transport natural gas from the Niger Delta to Ghana’s industrial centers in Tema and Takoradi. Read more Update \| 7 December 2006 EIB urges looser environmental and social standards for loans to Africa Competition from Chinese lenders prompts EIB to consider removing "excessive" conditions placed on loans Read more Update \| 21 November 2006 EU commits $127 million for Bujagali dam European Investment Bank to provide funds for controversial Uganda dam Read more Print this page Email this page		Search Institutions AfDB ADB Bank of the South EBRD IDB IFC IMF MIGA World Bank See also Africa Egypt Middle East and North Africa Yemen Stay Informed! Sign up for our e-newsletters. Sign up

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