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June 04, 2003
And you thought the World Bank was big ...
When looking at the links on AID/WATCH (http://www.aidwatch.org.au/) today, I found ECA-Watch, a watchdog site for export credit agencies (ECAs). Never having heard of ECAs, I investigated and found this definition at the site: "Export Credit Agencies, commonly known as ECAs, are public agencies that provide government-backed loans, guarantees and insurance to corporations from their home country that seek to do business overseas in developing countries and emerging markets. Most industrialized nations have at least one ECA.ECAs are now the world's biggest class of public IFIs (international finance institutions), collectively exceeding in size the World Bank Group. Yet, like the World Bank Group 20 years ago, most ECAs have no social and environmental standards. As a result, ECA-backed projects often despoil the environment and disrupt the lives of the communities. " If you want to keep on top of ECA news, activities and campaigns about them, visit the site at http://www.eca-watch.org/. Posted by belinda at June 4, 2003 01:07 PM
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