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A new report takes a critical look at the engagement of European development banks in Egypt after the popular uprisings in the Middle East and North African region. This article appeared originally on the Counter Balance blog and has been shortened and slightly edited.
posted on the Bankwatch blog by Berber Verpoest, Media officer for the Counter Balance coalition
Remember the Arab Spring, the wave of popular revolts that hit several Arab countries in 2011. They initially resulted in the ousting of cruel dictators and brought about impressive political changes. Following these events, the European Union decided to change its approach to the region and to channel in more resources from international financial institutions (IFIs) such as the European Investment Bank, the European Bank for Reconstruction and Development and the International Monetary Foundation.
The IFIs had longstanding relationships with the Arab countries. When a new wind started blowing they were willing to change […]

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