SplashMoney is Personal Finance Management Software for all platforms like Mac, Windows, iPad, iPhone, Android and Windows Mobile. I really doubt the EIB will succeed to do so in this case.Īnd now the key question: can BNDES become a forerunner in the field of climate friendly investing, and is the EIB’s money not just being used to make the BNDES look green, all the while deflecting attention from its polluting activities? In other words: is half a billion euros of European tax money well spent in Brazil? I’m sad to say my doubts haven’t been removed after my ‘fact finding mission’, on the contrary.Personal Budget App Mac By chigyzstweakcomp1978 Follow | Public As a European bank, it has to follow European rules, and it has to make sure that international norms concerning participation, transparency, accountability and social and environmental criteria are met in the projects it funds. And let’s not forget the EIB’s role in all of this. Social and environmental organisations, however, expose abuses resulting from the extractive development model Brazil’s government encourages so enthusiastically. Many Brazilians – interested mostly in economic growth – have full confidence in BNDES. Under the guise of “the green economy” BNDES keeps investing in fossil fuels and controversial megadams like Belo Monte in the Amazon. The bank often invests in those very companies, sectors and projects that have a huge social or environmental impact, such as big dams in the Amazon and oil drilling near the Brazilian coast. BNDES spends large sums of public money to support local and other businesses and offers limited information about this. But while a World Bank project has to meet relatively strict environmental and social demands, the rules of BNDES are much less clear. When I came back, I made my analysis: in a very short time, the bank has grown enormously by now it is even larger than the World Bank. Various organisations and consultants were willing to tell me all kinds of things about the way BNDES works. Luckily there were sufficient other sources of information. Unfortunately, BNDES didn’t want to discuss the loan with me, since the money wasn’t being spent yet. So in August 2012, I travelled to Rio de Janeiro to the head office of the BNDES. If I wanted to know more, I had no choice but to go to Brazil myself. On the websites of both banks I found one small item about the loan, but information on which projects are to be financed with it are still not available, even though it has been over a year since the contract was signed. Rightfully so? Does the future of development indeed lie with the private sector, as people say increasingly more often, and if so, do we want the money involved to go through this type of banks? Because I have some doubts about this, I decided to find out what this loan was going to be used for. Both development banks have a strong financial reputation and can count on a great deal of political support from governments. Half a billion euros of development money, you can make many, many investments in clean energy with such a large sum. Does this make BNDES the most logical choice? Anouk Franck went to Brazil to find out more about this loan. What is the reason behind the European Investment Bank’s 500 million loan to the Brazilian development bank BNDES? The money, paid for by the European taxpayer, comes from the ‘climate funds’ intended for projects to stop climate change.
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