European Investment Bank halts loans to Glencore


MEP Jürgen Klute welcomes EIB's reaction to public pressure

"The European citizens cannot go on financing a company which, through its activity around the world: ignores the health of the local populations; does not respect the social rights of its workers; destroys the environment and deprives the developing countries of a huge portion of their resources through tax havens" says Jürgen Klute referring to the millions of euros allocated to Glencore by the EIB as "development policies".

"We welcome the decision of the president of the EIB to halt all new loans to this company, but we deplore the fact that this decision came so late. We hope that the EIB will develop a mechanism that will prevent any such scandal from happening again in the future" declares Jürgen Klute, one of the signatories of the open letter for a moratorium on EU public financing for mining projects. This letter, as well as an important information campaign led by several NGOs brought to light the disastrous Glencore record in Zambia.