The European Investment Bank has decided to pull back its funding for Ethiopia’s hydropower dam following pressure calls by environmentalists that the Gibe 3 Dam threatens the food security and local economies that support more than half a million people in Southwest Ethiopia.
According to the banks statement, the Euro 1.55 billion hydropower dam would devastate the ecosystems of Ethiopia's Lower Omo Valley and Kenya's Lake Turkana. The Bank’s statement further said in March 2009, Friends of Lake Turkana, a group of affected people in Kenya, urged the EIB not to fund the Gibe 3 because the affected communities could not withstand any more pressure on the little resources along the lake.
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