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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 conclusion of this research is that the Tenke Fugurume Mining project is based on an unclear mining contract, with considerable doubts concerning corruption. This situation was already known when the EIB decided to grant the loan for this project. Moreover this project will not beneit the DRC. The mining has already started, and serious problems are already apparent, and it is above all the local populations that are suffering. The EIB needs to urgently put in place guidelines and strict rules for the evaluation of transparency, the social and environmental impacts as well as its development value for projects that it will inance, in order to avoid embarrassing the European Union with such projects.
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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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