The European investment bank's concept of development: Economic growth at any cost

Abstract

The extent of the European Investment Bank's financing in developing countries has increased. The Bank's concept of development, however, has not been properly researched. This article seeks to identify the central element in the EIBs vision of development and to scrutinise its discursive practices. First, the development discourse of EIB is confronted with development economics theories in an effort to identify its theoretical inspirations. Second, Critical Discourse Analysis is applied with the aim of identifying EIB's s discursive techniques. The article concludes that the EIB equates development to supporting any kind of economic growth, without regard to redistribution. This discourse is inspired by the Washington Consensus and applies hegemonic and ideological discursive practices.