The European Bank for Reconstruction and Development (EBRD) has revealed, in a letter of late October to Bankwatch's Slovak member group Friends of the Earth-CEPA, that the EnerCap Power Fund, a private equity investor, has pulled out of the controversial COGEN gas power plant being developed in the northern Slovakian town of Považský Chlmec.
The current review of the European Investment Bank’s mandate for lending outside of the EU brings some of the pitfalls of the bank’s development lending to the fore and offers a chance for improvements.
While the G8 leaders claim they are at war with tax avoidance, their own bank, the European Bank for Reconstruction and Development is involved in deals linked to offshore financial centres.
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.
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