NGOs call the EIB Board of Directors for action

On 1 February, the European Investment Bank (EIB) will host in Luxembourg the annual seminar between the bank’s directors and civil society. The Counter Balance coalition, jointly with its NGO partners, will present to the EIB Directors three policy briefings highlighting the most urgent issues the EIB should tackle in 2016.

In particular, we call for the Board of Directors to take active part in the consultation process for the revision of the complaints mechanism of the EIB. We recommend the directors to build on the principles of legitimacy, accessibility, predictability, equitability and transparency to improve the functioning of the mechanism.

Read our briefing “Principles of effectiveness for the EIB Complaints Mechanism Office”.

In our second briefing, we focus on the EIB’s role in the Investment Plan for Europe. We seize this opportunity to provide the EIB directors with key recommendations for the sustainability of the projects supported via the European Fund for Strategic Investments (EFSI), in order for the EFSI to contribute at best to a sustainable future for European citizens. We call for improvements and delivering results in three main areas: sustainability, transparency and governance, additionality and added-value.

Read our briefing “European Fund for Strategic Investments (EFSI): How to ensure sustainability, good governance and added-value of EFSI operations”.

Last but not least, we call for the Board’s attention on the funding of the Southern Gas Corridor, the mega-pipeline supposed to bring gas from Azerbaijan to Europe. The EIB is indeed considering granting the biggest loan of its history (2 billion euros) to the Consortium responsible to build the western section of the corridor, the Trans-Adriatic Pipeline (TAP). NGOs spell out their concerns about this controversial project, urging the Board of Directors to prevent the EIB from financing it.

Read our briefing “Financing the Southern Gas Corridor: wrong project for fighting climate change and upholding democracy and human rights”.