Civil society calls on European Investment Bank to improve consultation on new safeguards

Recourse has joined civil society groups from around the world in urging the European Investment Bank (EIB) to think again about its proposed consultation process for developing its new safeguards.

The NGOs state: “The proposed process excludes a large number of EIB’s stakeholders from meaningful participation in a proposed review. Considering the bank’s commitment to strengthen its development finance work, it is regrettable that it has put in place a process that does not allow for adequate consultation with those most exposed to impacts of its development operations.”

The NGOs point to the fact that the EIB has scheduled less than two months for stakeholders to comment, in the holiday season, and that the vast majority of materials are only available in English and French, with major languages in countries where EIB operates, such as Russian and Arabic, being entirely absent.

Safeguards are a vital part of development banks’ mission to do no harm, and as such, the process around improving and updating them should be as inclusive and thorough as possible.

The NGOs are calling on the EIB to extend the consultation period, and allow for a second round of comments when revised draft documents are produced.