The European Investment Bank (EIB) is the European Union’s development bank. With an annual budget of just over €70 billion, it is supposed to bring benefits for the citizens of member countries, as well as for the local situations in the global South in which it intervenes. Economic growth while respecting human rights is also one of the prerogatives of the European Bank for Reconstruction and Development (EBRD), set up to help the post-communist states of Central Europe and Asia.
In the span of just a week, both institutions have generously bestowed hundreds of millions of euros for projects that do not seem to be, properly speaking, relevant to this mandate. These projects, in a more or less direct way, all involve Italy.
The EIB has allocated a record €1.5 billion for the Trans Adriatic Pipeline, the now-famous TAP, the last portion of the Southern Corridor gas pipeline which starts in Azerbaijan and passes through Turkey, a project strongly backed by the European Commission. Little importance was given to the fact that in this way, we are continuing to invest in the extraction of fossil fuels, as well as committing fully to a project that is intended to be in use for decades, since it does not exclude the use of the much-maligned Russian gas, as well as a possible extension up to Turkmenistan (the fourth producer of natural gas in the world).