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Article

29 Oct 2009

Author:
Cluster Munition Coalition

Campaign calls on Governments to stop the funding of cluster bombs

The 2008 Convention on Cluster Munitions is an international treaty that bans the use, production, stockpiling and transfer of cluster munitions...A new report...finds that some banks and other financial institutions in countries that have signed the ban, such as the UK, Germany and Japan, are continuing to invest in companies producing cluster bombs...Over $5 billion USD is being provided in loans to cluster bomb producers, over $4.2 billion USD is provided in investment banking services, and $11.8 billion USD is owned or managed in shares and bonds. “...You cannot ban a weapon because of the humanitarian harm it causes but allow banks to continue profiting from the production of these weapons somewhere else,” said [Cluster Munitions Coalition president Thomas] Nash.