The European Investment Bank’s rules are clear: They ban the financing of “ammunition and weapons” as well as “equipment or infrastructure dedicated to military/police use.” But for how much longer?
A battle is underway to secure the future direction of one of the world’s biggest multilateral financial institutions, one triggered by Russia’s ongoing assault on Ukraine but with huge implications for its world-leading development work — and it will come to a head at a meeting on Friday, April 12.
Should the EIB stick to the ethical stance that saw it call time on fossil fuel projects and make sustainable development its “foundation” purpose, or should it bow to huge pressure from European Union leaders to join the resistance to Vladimir Putin’s growing threat by pouring money into weapons?
About the author
Rob Merrick
Rob Merrick is the U.K. Correspondent for Devex, covering FCDO and British aid. He reported on all the key events in British politics of the past 25 years from Westminster, including the financial crash, the Brexit fallout, the "Partygate" scandal, and the departures of Boris Johnson and Liz Truss. Rob has worked for The Independent and the Press Association and is a regular commentator on TV and radio. He can be reached at rob.merrick@devex.com.
