Africa: China’s biggest bank to support Africa’s most destructive dam

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. A worldwide civil society campaign has held international financial institutions at bay for several years. Yesterday, however, the Industrial and Commercial Bank of China (ICBC) offered to step in with a $500 million loan. If the loan is confirmed, China’s biggest bank will become responsible for a massive social and environmental disaster.