LONDON—The European Parliament is urging the European Investment Bank (EIB) to enforce stricter accountability and transparency protocols.
“This call to action follows allegations of corruption linked to a project in Kenya, highlighting the need for enhanced due diligence and anti-corruption frameworks within one of the globe's foremost public lenders,” BNN reported.
The report added that “amidst a backdrop of growing concern over corruption in international financing, the European Parliament, led by Member David Cormand, has taken a decisive stance. The parliamentary Committee of Budgets highlighted an incident involving the disbursement of bribes by EIB-supported Spencon, a now-defunct engineering and construction firm in Kenya, to government officials.
‘Underscores Critical Need’
“This case underscores the critical need for the EIB to revisit and fortify its governance structures, ensuring that such lapses in oversight do not recur,” the report continued. “The emphasis is on bolstering transparency, accountability, and sustainability in its operations, particularly in regions vulnerable to corruption.”
According to the analysis, the allegations point to a deeper issue within the EIB's operational framework. In 2006, the bank ventured into a subscription commitment with the Emerging Capital Partners Africa Fund II, aiming to bolster private African firms, including Spencon, BNN said.
“The European Parliament's recent amendment reflects a growing disillusionment with the EIB's current anticorruption measures, advocating for a comprehensive overhaul to prevent future incidents,” BNN added.
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