Chinese Loan Underwrites Lake Turkana Destruction: Gibe 3 Hydropower Dam

Chinese Loan Underwrites Lake Turkana Destruction: Gibe 3 Hydropower Dam NGOs are outraged after confirmation that the world’s largest bank will finance the destructive Gibe 3 hydropower dam. The Industrial and Commercial Bank of China (ICBC) is underwriting a $500 million contract awarded May 13 to Dongfang Electric Corporation for the dam’s turbines and electro-mechanical works. Although ICBC has not publicly announced the loan, an official confirmed September 8 by email that the financial...

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