The European Investment Bank (EIB) met NGOs and other civil society organisations (CSOs) on 9 November in Lisbon to discuss the way it assesses the economic and social impact of projects that are considered for Bank funding (http://www.eib.org/about/events/eib-workshop-with-csos--lisbon.htm). The Workshop took place in the framework of the European Union’s Development Days conference and is part of the Bank’s ongoing dialogue with civil society, which includes annual Spring and Autumn Workshops with CSOs on topics of common interest. Specialist Bank officials gave a number of short presentations setting out the general background to ESIAF, how it was developed and how it currently works. Of the three invited speakers, Uchita de Zoysa of the Centre for Environment and Development in Sri Lanka gave a view from the developing world. He argued that even though the Bank's Bank’s approach in project assement has the numerous indicators for Sustainable Development, it seems to be shy in openly adopting and pronouncing Sustainable Development as a target. “The EIB can play a critical role in setting the sustainable development dialogue within the financial sector and its borrowers,” he said. He argued that the challenge for EIB should not be to fund projects of ecomnomic growth in, but to ensure that all projects and investments result in sustainable development.
Uchita raised the questions "can economic growth ensure poverty eradication?" and "is accelerated economic growth the answer to achieving MDGs?" He then said; "poverty reduction is no longer a proposition and it has to be "ERADICATION". Economic growth for poverty eradication has become a myth. The concerntration should be to promote sufficiency economies for "WELLBIENG & HAPPINESS" for all!".
The presentations spurred broader discussion among EIB and CSO participants on a range of topics related to the Bank’s developmental role in many of its operations outside the EU and as a result of the Workshop, operational follow-up is planned between the Bank’s operational staff and the external specialists. Vice-President de Fontaine Vive welcomed the open and constructive debate and hoped this could be continued with a wider spectrum of CSOs.
The European Investment Bank was created by the Treaty of Rome in 1958 as the long-term lending bank of the European Union. The task of the Bank is to contribute towards the integration, balanced development and economic and social cohesion of the EU Member States.
Links:
