The loan comes from the European Investment Bank set up to aid development in the EU
Wednesday May 18,2011
By Daily Express Reporter
FURY erupted yesterday as it emerged that British taxpayers are helping refurbish a luxury tourist resort owned by wealthy foreign bankers.
The Treasury is underwriting an £11million loan to revamp a four-star, beach-front complex in Morocco. The loan comes from the European Investment Bank, set up to aid development in the EU and emerging nations.
But the British share of the risk means that if the loan is unpaid, taxpayers would have to fork out 16p in every pound.
However, if the project succeeds, the repayments go to the EIB while the owners rake in the profits.
The disclosure sparked anger yesterday.
John O’Connell, of the TaxPayers’ Alliance, said: “Businesses at home can’t get finance they need to grow. Hard-working families are already helping to bail out basket case economies in Ireland and Portugal.”
UKIP’s Marta Andreasen, said: “It is scandalous that our taxpayers who are struggling to survive and make their mortgage payments in this economic crisis are subsidising playgrounds for the rich and well paid.”
 It is scandalous that our taxpayers who are struggling to survive and make their mortgage payments in this economic crisis are subsidising playgrounds for the rich and well paid  |
UKIP’s Marta Andreasen |
The Yasmina village, near Tetouan, is part of a French chain owned by CDG Capital which has assets of over £20billion.
If only we had a democratic say in all this, all we can do is watch ourselves get taxed more & more. My question is, why are we giving a loan to a corporation which has assets of over £20bn? Let us again face the fact that a high percentage of taxpayers wouldn't even be able to afford a stay at this four star hotel so why on Earth should they be expexted to foot the bill.
Read more: http://www.express.co.uk/posts/view/247367/Bankers-get-loan-from-EUBankers-get-loan-from-EU#ixzz1MhBkxhzW
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