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Ethiopia : European Bank halts financing Ethiopia s controversial power project.

As protests from various green campaigners grew to stop the Gibe III hydroelectric dam project in Ethiopia, the European Investment Bank (EIB) said it has dropped the funding environmental and social impact studies for the project.

However, the European Bank said - it stopped funding the studies due to the alternative financing and not because of the results of these preliminary studies .

A number of international environmental groups, among others, International Rivers, Survival International, the Counter Balance Coalition, and the Friends of Lake Turkana, have been calling upon the European Investment Bank; the World Bank, and the African Development Bank to refrain granting funds for the completion of the project.

The power project is being constructed along the country s Omo River, which is one of the major tributaries supplying some 80pc of the water to Lake Turkana of Kenya.

The groups have claimed that the construction of the Gibe III dam in Southern Ethiopia has adverse environmental impact and seriously affects the lives of communities that depend on Lake Turkana for existence and they insist an immediate stop to the project.

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Publication:TendersInfo
Date:Jul 26, 2010
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