Re:common and Counterbalance, NGOs based in Italy and Belgium, have published a report that calls on the European Investment Bank and other international finance institutions to take more action to tackle tax havens.

The EIB was once a leader in this area, as it was one of the first banks to have a policy on tax havens. But the report identifies several failings and incidences where public money from the EIB has ended up in tax havens despite these policies.

The report draws on the Finance Uncovered investigation of Qalaa, an Egyptian Private Equity fund, to demonstrate how EIB rules are still allowing companies receiving loans to use tax havens.

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