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The winners and losers from the European Investment Bank's loans in Africa were sharply distinguished today at the Belgian Senate by civil society representatives from Chad, Nigeria and the Democratic Republic of Congo (DRC), currently on an advocacy mission in Paris and Brussels. The three speakers described in detail the economic, environmental and social hardship that has been heaped on communities by extractive industry projects supported by the largest public – yet largely unaccountable – bank in the world.
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A EUR 100 million loan from the European Investment Bank (EIB) for the
Tenke Fungurume Mine mining project in the Democratic Republic of Congo
(DRC) has proceeded in spite of rampant corruption, human rights
violations and social tensions surrounding the copper-cobalt mine's
development, according to a new report from the campaign coalition
Counter Balance: Challenging the European Investment Bank in
collaboration with the Congolese NGO ACIDH.
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The European Investment Bank (EIB) announced last week that it would endorse and support the Extractive Industries Transparency Initiative (EITI). The EIB, which has invested over EUR 700 million in large scale mining projects in Africa since 2000, stated that it is 'committed to promoting good transparency and governance in all the projects it finances'.
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As European civil society we want to critically evaluate the role and responsibility of the EIB in the different EU instruments for energy cooperation with Africa in preparation of the EU-Africa Summit in December 2007. Does the EIB’s energy portfolio in Africa contribute to the EU stated aims of sustainable development, combating climate change and the eradication of poverty? Are the various approaches coherent and do they provide value-added? And do EIB’s energy projects in Africa promote sustainable energy usage as well as renewable and decentralised energy cooperation?
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