BankTrack News
European banks pull out of Ilisu dam project
2009 |
BankTrack
2009 |
BankTrack
A coalition of European NGOs teamed up in 2007 in an attempt to block the financing of the Ilisu dam project by Swiss, German and Austrian Export Credit Agencies (ECAs) as well as private banks. The same year, the coalition scored a first victory as Zuercher Kantonalbank withdrew 100m Euros of finance. In 2008, the national governments of Germany, Austria and Switzerland withdrew support for the dam, as Turkey was ignoring international standards. Faced with this, the three remaining international banks financing the project withdrew in 2009. The following year, Akbank announced that it would not fund similar projects in the future. Sadly, the construction of Ilisu continues until today.
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