Prior to any financial engagement the European Investment Bank, the long-term lending institution of the European Union, carries out detailed technical, environmental and social assessments. As part of preliminary consideration of possible financing of the Gibe 3 hydroelectric project the Bank was involved in a range of technical, environmental and social studies both independently and in cooperation with others, and had secured finance for further studies, notably to study the impact of the project and related mitigation measures in the downstream area, including Lake Turkana. Its decision to discontinue its engagement with the project is based on the promoter having found alternative finance and not the results of these preliminary studies.
Despite no longer being involved with the project, the bank has reaffirmed its strong interest and commitment to supporting the East African energy sector. It is engaged with key energy infrastructure across the region and examining possible projects to finance. These include cross border inter-connectors and key domestic power links, renewable power generation including wind farms and geothermal energy. Each project will be examined on its individual merit.
