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New report reveals the 'dark side' of EIB funds: how the EU's bank supports non-transparent investment funds based in tax havens

Counter Balance launches today a new report that critically analyses a little-known part of the European Investment Bank (EIB)’s operations: its use of private equity funds.

The report is available for download at
http://www.counter-balance.org/wp-content/uploads/2016/09/The-dark-side-of-EIB-funds_report.pdf

The report presents a number of statistics and facts about recent investment funds financed by the EIB during the period 2011-2015.

Transparency: Much stays hidden

Source: Ann Crotty, Financial Mail

An initiative aimed at increasing the transparency of mining companies’ payments to governments across the globe has been slammed as paternalistic and ineffective by representatives of the people it was claimed to help.

The extractive industries transparency initiative (EITI) was first announced by then UK prime minister Tony Blair at the world summit on sustainable development in Johannesburg in 2002. It was launched a year later, at a time when the entire developed world, led by Blair and pop stars Bono and Bob Geldof, seemed determined to save Africa from itself.

Dirty Precious Metals: Dumping European Toxic Waste in Tsumeb, Namibia

Based on a visit to Namibia this report assesses the environmental and social standards at the Tsumeb smelter, acquired by Canadian Dundee Precious Metals in 2010. The smelter specialises in working with some of the dirtiest copper concentrates half of which sourced from the Chelopech gold and copper mine in Bulgaria. The concentrates are extremely rich in arsenic and according to our calculations most of the toxic arsenic trioxide that comes as a by-product of the smelting is being dumped in Namibia, leading to severe health impacts for locals.

Global call to development banks: don't fund projects that violate human rights

Source: Paola Totaro, Thomson Reuters Foundation

Growing number of national governments have been criminalising activities of land and human rights activists

LONDON, July 14 (Thomson Reuters Foundation) - International development banks should ensure their investments do not violate human rights or risk the lives of the activists who defend them, a group of global campaigners said on Thursday.

Going for a more country safeguards system in Asia-Pacific

Source: Lean Alfred Santos, Devex

The Asian Development Bank, Japan International Cooperation Agency and the World Bank are partnering to boost safeguard systems in the Asia-Pacific, ensuring that development projects meet international standards for environmental and social protection.

The three organizations will “help improve member countries’ safeguards systems and better manage the environmental and social risks associating with major developments,” Mark Kunzer, principal environment specialist of the ADB told Devex.

Complaint: Maladministration in the EIB's appraisal and monitoring of the Nam Theun 2 dam in Laos

Eleven years after the European Investment Bank’s decision to support the construction of the Nam Theun 2 Dam in Laos and after the International Panel of Experts found social and environmental programmes to fail in mitigating the project's impacts, CEE Bankwatch Network submitted this complaint to the EIB Complaints Office with regards to maladministration in the EIB's appraisal and monitoring of the project.

Dundee Precious Metals: Umweltvergiftungen in Armenien und Namibia

Source: Facing Finance, Facing Finance

In dem kleinen Dorf Geghanush im Süden Armeniens regt sich Widerstand gegen das kanadische Bergbauunternehmen Dundee Precious Metals (DPM) und dessen lokales Tochterunternehmen, das in der Region Syunik verschiedene Edelmetalle abbaut. Laut einer Petition von 184 Bewohnern von Geghanush bedrohen die Rückhaltebecken der Mine, die DPM reaktiviert hat und nun für seine Rückstände nutzt, die Menschen, Tiere und die Umwelt in der Region.

Across Visegrad countries we're talking about development

Summing up an exciting year of awareness raising about development finance, a new video shows moments from four events in the Visegrad countries Czech Republic, Hungary, Poland and Slovakia.

Report finds development banks fail people harmed by their projects

A new report launched today documents the hurdles communities and workers face in obtaining remedy from development banks whose projects cause them harm. The 11 civil society organizations that authored the report, Glass Half Full? The State of Accountability in Development Finance, call on development banks and the governments that run them to strengthen their systems for providing remedy to those harmed by the activities financed by the banks.

Glass Half Full? The state of accountability in development finance

Real development respects human rights and is shaped by the people it is designed to benefit. However, development projects financed by development finance institutions in many cases has been associated with the dispossession of land, loss of resources, diminished livelihoods and environmental degradation. Accountability mechanisms in theory aim to ensure that people who have been harmed by these projects receive adequate remedy. As this report shows, however, these accountability mechanisms to a large extent fail to fulfil this function, not least because they operate in a constrained environment constructed by the institutions that administer them.

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