historyWikipedia1889 · Paris, France

The Eiffel Tower was financed partly by loans that drained Haiti's economy

the gist

The Eiffel Tower was designed in 1884 by two engineers at Gustave Eiffel's company, Maurice Koechlin and Émile Nouguier, as a centrepiece for the 1889 Exposition Universelle, which marked the centenary of the French Revolution. Architect Stephen Sauvestre added decorative arches and a glass pavilion, and Eiffel bought the patent. A change to the 1886 competition rules made Eiffel's design effectively the only serious entry. The contract, signed in January 1887, gave Eiffel 1.5 million francs toward an estimated 6.5 million francs of costs, and he kept the commercial income for 20 years. The bank Crédit Industriel et Commercial helped finance construction using money from loans to Haiti, which required the young nation to pay its creditors nearly half of its export taxes.

so what

The tower was meant as a monument to French liberty, yet part of its financing came from loans that took much of Haiti's income back to Paris. The New York Times described this as choking the nation's economy, a reminder that famous landmarks can have uncomfortable money trails.

fun fact

The Eiffel Tower was originally permitted to stand for only 20 years.

more on this

key facts

Country
France
Located in
7th arrondissement of Paris
Founded
28 January 1887
Height
330 m
Made of
wrought iron

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