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23 Feb 2017

CEE Bankwatch Network & Counter Balance

Report: European Investment Bank allegedly fails to safeguard vulnerable groups, including refugees, in projects outside EU

"Here be dragons: How the EU bank's development finance overlooks people at risk", 18 November 2016

...[T]he new Bankwatch and Counter Balance report Going abroad shows the bank’s weak track record in caring for the needs of the most vulnerable and is therefore ill-equipped to support refugees and host-communities. Fundamental weaknesses in its project appraisal and monitoring standards outside the EU, in particular with regards to human rights, transparency and tax justice, are preventing the bank from effectively safeguarding the rights of people affected by its lending...The expansion of the so-called External Lending Mandate (ELM) includes an overall increase of EUR 5.3 billion in guarantees for the bank’s external lending...Out of the 68 countries covered by the ELM, 38 are ranked as authoritarian or hybrid regimes by the Economist Intelligence Unit...