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Statement by Eurodad representative María José Romero at the Informal Interactive Hearing for Civil Society – Third Conference on Financing for Development, 9 April 2015 Many thanks for inviting me to take part in this panel discussion and thank you ...
Mines, gold and taxes in Peru. The Yanacocha case. A new report produced by LATINDADD (Latin American Network on Debt, Development and Rights) questions the tax payments of one of the world’s biggest gold mines based in Peru – Yanacocha –, which ...
+SOMO, Both ENDS

blog
The battleground of Bilateral Investment Treaties

Jesse Griffiths

23 Jan 2015 11:23:43

Just read a great new FT blog from Kavaljit Singh on India’s radical redesign of its investment treaty model. The main points are below [the FT article is entombed in a paywall], but first, here’s a quote from a report I co-wrote last year, which helps explain why bilateral investment treaties (or BITs) are becoming a battleground in developing countries: In 2012 there were 3,196 investment treaties globally, many of them affecting developing countries. There are also important investment chapters in free trade agreements. While these treaties and agreements are supposed to both protect foreign investors and benefit recipient countries, the growing number of investment disputes and ‘persistent concerns about the [investment arbitration] regime’s systemic deficiencies’ indicate ...

press
$2 lost for every $1 gained: New report shows global financial system fails developing countries

*A Toolkit for the Media is available with this press release. Please click here to download.  Developing countries are losing twice as much money as they earn because of issues like tax evasion, profits taken out by foreign investors and interest repayments on debt. A new report – The State of Development Finance for Developing Countries, 2014 – has found that for every dollar developing countries have earned since 2008, they have lost $2.07.  Furthermore they have lost, on average, ...

blog
$2 lost for every $1 dollar gained: the single fact that shows how the global financial system fails developing countries.

Jesse Griffiths

18 Dec 2014 09:52:26

By Jesse Griffiths, Director of the European Network on Debt and Development (Eurodad) This will make you angry. After six months crunching all the best data from international institutions, here’s what we found: for every dollar developing countries have earned since 2008, they have lost $2.07.  In fact, lost resources have averaged over 10% of their Gross Domestic Product (GDP).   We’re not talking about all flows of money out of developing countries, just the lost resources: money that should have been invested to support their development, but instead was drained out. Twice as much is leaking – or rather flooding – out than the combined inflows of aid, investment, charitable donations and migrant remittances.  The graphic above shows the proportionate losses of resources ...

blog
Foreign investment – much smaller than you might believe

Jesse Griffiths

13 Feb 2014 16:11:11

You may have seen that foreign direct investment (FDI) was judged last month to have finally regained pre-crisis levels, and that a record percentage of all FDI – 52% - went to developing countries in 2013. The UN’s figures say $759 billion of new investment flowed into developing countries in 2013, right? Well, no actually they say nothing of the sort, but it requires a bit of digging to understand why. Below are four important caveats that everyone talking about FDI should bear in mind, which emerge when you read UNCTAD’s full analysis from its World Investment Reports (the one for 2013 comes out in June). 1. Much FDI is not new inflows, but the reinvestment of profits made in the recipient country. In 2012, reinvested earnings accounted for over 60% of ‘outward’ FDI from developed ...