A new briefing by civil society organisations (CSOs) has outlined how the European Investment Bank (EIB) can use its ‘EIB Global’ development branch to promote the public good and help facilitate a just ecological transition outside of Europe.
The EIB signed loans worth almost €10 billion for activities outside the EU in 2022. Yet CSOs monitoring this lending have long identified problems with its effectiveness, transparency and propensity to spark human rights abuses and declining social and environmental standards in recipient countries.
The briefing states how EIB Global should support democracy and the rule of law, human rights and fundamental freedoms through its operations - rather than the geopolitical interests of the EU. Other recommendations include providing genuine development assistance and democratising decision-making processes around projects.
The briefing was produced ahead of the EIB’s 2023 Board Seminar with Civil Society.