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Clarification on the European Investment Bank’s role in Ethiopia’s Gibe 3 DamA statement issued June 4 by the European Investment Bank contradicts a June 3 announcement made to Friends of Lake Turkana that the Bank had withdrawn its consideration of the Gibe 3 Dam in Ethiopia. The June 4 statement is consistent with the Bank’s efforts to conduct its operations on Gibe 3 and other controversial projects behind smoke and mirrors.
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The study illustrates the dangers that accompany large energy infrastructure projects whenever the interests of a major private company coincide not only with weak governance in the host country but also very clear willingness from financial institutions to provide funding, in spite of alarming project oversights and impacts. The study shows how goals to eradicate poverty and support local communities can be easily compromised when major corporations and/or political elites are intent on maximising profits.
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