Ethiopia's Gibe 3 Dam remains the most destructive dam being built today. According to the official project website, Ethiopia plans to pay $572 million (448m Euros) from their own pockets. But the rest of the dam's $2 billion (1.55b Euros) price tag remains unfunded. Which banks are being chased to fund this highly destructive dam? Here’s the rundown:

Development Banks Out

Earlier this month, the African Development Bank officially withdrew its funding consideration, as did the European Investment Bank in July. Both AfDB and EIB had been considering loans for a sub-contract to finance the dam’s turbines and electro-mechanical works. Why a sub-contract? Because the project’s lucrative, no-bid contract with Italian construction giant, Salini, violates international…read more

The Gibe 3 Dam in Ethiopia is Africa’s most destructive dam project. So far, the Ethiopian government has not managed to attract any international finance for it. After several other funders pulled out, China’s biggest bank is expected to decide about a loan for Gibe 3 soon. The decision…read more

Global Witness welcomes the decisive action taken by the UK financial regulator, the FSA, which has fined the Royal Bank of Scotland (RBS) £5.6 million for failing to check whether its customers were on the UK terrorist sanctions list. RBS' inability to properly vet its customers highlights…read more