See also:
» 05.11.2013 - Ethiopia plans Africa's biggest dam
» 08.10.2010 - "Multinationals flee Ethiopia oil fields"
» 14.05.2010 - Nile water resource dispute splits region
» 23.03.2010 - Ethiopia dam to "devastate entire tribes"
» 19.02.2010 - EU support clean energy production
» 14.01.2010 - Ethiopia launches hydro-power plant
» 30.11.2009 - Ethiopia saves million from Sudanese oil imports
» 16.11.2009 - Ethiopia govt dismisses capture claims











China wholesale online through DHgate.com


Finn autentiske matoppskrifter fra hele verden på Verdensmat.no:
Gazpacho Børek Kartoffelsalat Taboulé Gulasj Albóndigas Cevapi Rougaille Japrak sarma Zwiebelbrot Klopse Giouvetsi Paella Pljeskavica Pica pau Pulpo a la gallega Flammkuchen Langosj Tapenade Chatsjapuri Pasulj Lassi Kartoffelpuffer Tortilla Raznjici Knödel Lentejas Bœuf bourguignon Korianderchutney Brenneslesuppe Proia Sæbsi kavurma Sardinske calamares


Autentiske matoppskrifter fra hele verden finner du på Verdensmat.no:
Réunion Portugal Aserbajdsjan Serbia Tyskland Seychellene Bosnia Spania Libanon Belgia India Kroatia Hellas Italia Ungarn Komorene Georgia Mauritius Østerrike Romania Frankrike


Ethiopia
Economy - Development

Chinese bank to fund controversial Ethiopian dam

Omo River Valley in southern Ethiopia, home to a large number of indigenous societies

© BankWatch/afrol News
afrol News, 13 May
- Activists dispair as it is announced that China's biggest bank ICBC will finance Ethiopia's controversial Gibe 3 Dam. Environmental considerations so far had halted World Bank funding for the project.

Yesterday, the Industrial and Commercial Bank of China (ICBC) offered to step in with a US$ 500 million loan to Ethiopian authorities to fund the construction of Gibe 3. "If the loan is confirmed, China's biggest bank will become responsible for a massive social and environmental disaster," according to Peter Bosshard from International Rivers, a group campaigning against the dam.

According to news articles in the Ethiopian press, ICBC has agreed to extend the loan for a contract under which Dongfang Electric Machinery Corp, a Chinese state-owned company, will provide equipment for the Gibe 3 project.

This is a major setback for environmentalists, claiming the Gibe 3 project will spell disaster for the entire region. A worldwide civil society campaign has held international financial institutions at bay for several years.

Peter Bosshard, the policy director of International Rivers, comments: "The World Bank, the African Development Bank and the European Investment Bank have so far kept their distance from a project that violates many of their safeguard policies. If ICBC indeed jumps into the fray, it will severely damage China's efforts to be a responsible actor in the protection of the global environmental."

Johan Frijns, the coordinator of the global BankTrack activist network, added that "China has made impressive progress in reforming its banking sector through its green credit policy. Funding an environmental disaster like the Gibe 3 Dam would make a mockery of the environmental reform efforts in China's banking sector."

According to the activists, Ethiopia's Gibe 3 Dam is one of the most destructive hydropower projects being built today. "If completed, it would destroy fragile ecosystems on which 500,000 poor indigenous people depend for their survival," International Rivers holds.

The Gibe 3 Dam on the Omo River is said to threaten livelihoods in Southern Ethiopia and Northern Kenya. "By ending the river's natural flood cycle, it would destroy harvests and grazing lands along the river banks and fisheries in Lake Turkana, the world's largest desert lake. The dam will devastate the unique culture and ecosystems of the Lower Omo Valley and Lake Turkana, both recognised as UNESCO World Heritage Sites," activists hold.

Also along the Omo River, indigenous societies have started protesting the giant scheme. Ikal Angelei, the chair of Friends of Lake Turkana in Kenya, says that the Gibe 3 project "will destroy the lifeline of the Lower Omo Valley and the Lake Turkana region. It will condemn half a million of the region's most vulnerable people to hunger and conflict."

"We ask Chinese banks and companies to stay away from this disaster," Kenyan activist Angelei concludes in an appeal issued today.


- Create an e-mail alert for Ethiopia news
- Create an e-mail alert for Economy - Development news


 
    Printable version


On the Afrol News front page now

Rwanda
Rwanda succeeds including citizens in formal financial sector

afrol News - It is called "financial inclusion", and it is a key government policy in Rwanda. The goal is that, by 2020, 90 percent of the population is to have and actively use bank accounts. And in only four years, financial inclusion has doubled in Rwanda.

Famine warning: "South Sudan is imploding"

afrol News - The UN's humanitarian agencies now warn about a devastating famine in Sudan and especially in South Sudan, where the situation is said to be "imploding". Relief officials are appealing to donors to urgently fund life-saving activities in the two countries.
Guinea
Panic in West Africa after Ebola outbreak in Guinea

afrol News - Fear is spreading all over West Africa after the health ministry in Guinea confirmed the first Ebola outbreak in this part of Africa. According to official numbers, at least 86 are infected and 59 are dead as a result of this very contagious disease.
Ethiopia
Ethiopia tightens its already strict anti-gay laws

afrol News - It is already a crime being homosexual in Ethiopia, but parliament is now making sure the anti-gay laws will be applied in practical life. No pardoning of gays will be allowed in future, but activist fear this only is a signal of further repression being prepared.
Ethiopia
Ethiopia plans Africa's biggest dam

afrol News / Africa Renewal - Ethiopia's ambitious plan to build a US$ 4.2 billion dam in the Benishangul-Gumuz region, 40 km from its border with Sudan, is expected to provide 6,000 megawatts of electricity, enough for its population plus some excess it can sell to neighbouring countries.



front page | news | countries | archive | currencies | news alerts login | about afrol News | contact | advertise | español 

©  afrol News. Reproducing or buying afrol News' articles.

   You can contact us at mail@afrol.com