Friends of the Earth: Press Releases: : Public Funds for Public Benefit

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Public Funds for Public Benefit

Jun 1 2004

An international coalition of civil society groups has published a strong wake-up call to the European Investment Bank (EIB), the least transparent, least accountable and least democratically controlled of the European Union and international finance institutions, on the eve of the first EIB annual meeting following EU enlargement.

"Public Funds for Public Benefit: Making the European Investment Bank Support People and the Environment" sets out a clear vision for reforming the EIB into a positive European source of public finance [1]. The launch of this document sees the EIB campaign coalition stepping up its public awareness raising and advocacy efforts to ensure that key reform steps are accepted and implemented by the EIB.

With support from almost sixty of international and national organizations and networks, including Friends of the Earth International, WWF Europe, and CEE Bankwatch, "Public Funds for Public Benefit" calls on the EIB to deliver the following:

transparency and access to information,
a development mandate based on sound safeguard policies for lending outside the EU,
environmentally sound sectoral policies for lending,
the creation of a complaints mechanism for affected citizens,
effective measures to combat corruption and money laundering,
a socially and politically sustainable private sector lending strategy.

Friends of the Earth International Campaigner for the Reform of the European Investment Bank, Magda Stoczkiewicz said:

"The EIB completely fails to meet the transparency, governance and environmental standards expected of a modern day public finance institution. Profound changes are long overdue and we believe that tomorrow's first meeting of the enlarged Board of Governors should be a starting point in this process. Our proposals are an ideal guide on how to clean up the mess at the EIB."

Notes

1) The full text of the "Public Funds for Public Benefit: Making the European Investment Bank support people and the environment" document is available at:: www.bankwatch.org/issues/eib/mcampaigns.html

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