An EIB holiday
Channel: Counter Balance
Date: 2011-12-20

The European Investment Bank which operates under a sustainable development mandate for its lending outside the European Union, approved a EUR 14 million loan for the refurbishment of Club Med Yasmina.
We find it hard to link Club Med's model with sustainable development. Based on mass consumption and totally separated from the rest of local society, the main beneficiaries seem to be European tourists. The development of tourist resorts like these have had negative impacts on the environment.
A paper which accompanies the video can be found under this link: http://www.counterbalance-eib.org/wp-content/uploads/2011/12/eib-holiday-memories.pdf
The aim of this paper is to explain more thoroughly why we oppose this project and to provide additional background information