EIB clarification concerning incorrect media reports about steel investment in China
- Apr 14, 2016
The European Investment Bank wishes to clarify that, contrary to recent misleading and incorrect media reports, no loans have been provided to the Wuhan Iron and Steel Corporation and regrets that facts concerning lending activity were not checked prior to publication.
A project to reduce electricity use at the Wuhan Iron and Steel Plant was amongst a number of schemes initially considered for EIB financing in 2010.
However, following technical assessment the project was not included in the framework loan, no loan was agreed and no financing has been provided.
Lending by the European Investment Bank in China focuses on transport, water and energy projects, as well as climate related investment to reduce emissions and encourage reforestation in China.
The European Investment Bank would not be able to finance investment in steel production in China under its mandate for lending in Asia.