Fatal Transactions second critique on EIB

Fatal Transactions was invited by the Bank to comment for the second time on the Environmental and Social Statement. Fatal Transactions; The Bank still lacks clear reference to European laws and regulations. Moreover, they donat specify nor refer to international binding human rights treaties. This makes us worried that they donat have the capacity at all to decide if an investment might undermine peace and sustainable development in an African country.

The European Investment Bank (EIB) is the implementing financial lending agency of the European Union. The shareholders of the Bank are the European Member States. Basically, the Bank is investing our public money in projects in Africa, also in the mining industry. The Bank is obliged by its shareholders to follow the European policies on development and environmental issues. It hasn't done so over the past years. The Bank is currently revising its Environmental and Social Principles and Standards. These Standards are not binding but should at least be followed by the staff of the Bank when deciding to finance mining projects in Africa.

Download Fatal Transactions second critique here

Counter Balance
Fatal Transactions works together on this issue with the European network Counter Balance. www.counterbalance-eib.org