While drawing concrete consequences from the violence that happened in Ukraine, the European Investment Bank seems to be unmindful of the ongoing human rights abuses and killings in Egypt.
On December 18 the EBRD board of directors approved a loan of USD 50 million to finance a project aimed at the expansion of oil operations and reducing gas flaring in Egypt. Yet the tenuous political situation in the country continues to raise concerns about the bank’s ability to make a positive contribution towards the democratic process, and whether it should be investing there at all.
For its first loan to 'Arab Spring' countries the European Bank for Reconstruction and Development has chosen vehicles and partners whose ability to deliver developmental value is highly uncertain.
With the European Parliament's ratification of the expansion of EBRD operations to north Africa the question arises again: Is the bank fit for this purpose? The Parliament's answer sounds like a resounding 'maybe'.
Pushing for public-private partnerships will not support democratisation in the Arab Spring countries but risks increasing their public debt. Our new website brings together the PPP lessons that Europe should have learned.
In preparation to its extended lending to Arab Spring countries, the EBRD is conducting consultations with civil society. Yet the bank doesn't seem to make an appropriate effort.
To illustrate its readiness to help Arab Spring countries, the European Bank for Reconstruction and Development draws on the Baku Tbilisi Ceyhan pipeline project as a positive example. Having closely followed the project, Manana Kochladze outlines why people in north Africa should be wary of what’s to come when the EBRD enters their countries.
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