Contradictory docs for Cairo refinery reveal disdain for transparency by European Bank officials in first major IFI-financed project since revolution started

Contradictory docs for Cairo refinery reveal disdain for transparency by European Bank officials in first major IFI-financed project since revolution started

A $3.7 billion PPP oil refinery expansion in Cairo is accompanied by contradictory project documents, making a mockery of claims by the public banks involved to be committed to “good governance” or democracy. Despite being presented as merely translations of one document, the Arabic and English “versions” are entirely different – with the Arabic markedly...

Pillage not development: Egypt’s military junta & the European public banks

(this article initially appeared in Bankwatch Mail 50) Bread, freedom, dignity, social justice. These were core demands articulated during the democratic and inspirational Egyptian revolution in Tahrir Square at the beginning of this year. Beyond this, there was widespread support for improved public services to the poor, a shift from subservience to US foreign policy,...