World Rainforest Movement

The European Investment Bank: Africa’s discreet mining financier

The Ambatovy mine, a massive operation of eight billion US-dollars (in today’s value), is designed to extract nickel and cobalt from Madagascar’s rich soil. It has directly affected a forest of 2,500 hectares and some households were displaced as a result of controversial compensation agreements that divided the community. Besides many complaints over impacts on the local environment, in 2012, a malfunctioning valve caused a sulphur dioxide leak, and 50 people at the facility were poisoned. Three similar incidents have happened since. Environmental concerns surrounding the Ambatovy project continue to grow. The European Investment Bank, owned by European Union Member States and with stakes in several mines in Africa, provided eight per cent of this project’s investment, with a US 305 million dollars loan. Read the article that is part of a special series on the EIB (in English) at this link:

https://www.eibinafrica.eu/a-tale-of-reverse-development/#footer

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