EU Parliament Seeks Better Oversight of EIB Funds

The European Parliament wants the European Investment Bank to improve the measures it uses to screen its local partner banks in order to prevent the possibility of fraud in the bank’s operations.

The legislative body also wants the bank to share with parliament its list of alleged fraud cases, according to New Europe.

“We want more transparency,” the news agency quotes Bart Staes, vice chairman of the European Parliament’s budgetary control committee. “In the end, it’s all about European taxpayers’ money. Parliament should be overseeing these funds.”

Further, the body said it was “surprised” that EIB said “no fraudulent practice exists in the context of EIB Investment Facility programs” in response to a parliamentary inquiry following a report that some of EIB’s investments in Africa have ended up in tax havens.

>> EIB Aid to Africa Funneled into Tax Havens – Report

>> Where the New EIB Tax Haven Policy Fails

>> Some EU Development Funds Continue Ending In Tax Havens, NGO Network Says

Read more development aid news.

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    Ivy Mungcal

    As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.