Turkey Loses Dam Financing Over Environmental Concern
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Turkey lost European financing for a hydroelectric plant on the Tigris River after failing to offer environmental protections such as relocating antiquities from the Middle Ages that will be flooded by the dam.
Austria, Germany and Switzerland canceled 450 million euros ($630 million) in state export-loan guarantees because Turkish plans to resettle towns and safeguard cultural treasures weren’t “sufficient” to meet World Bank standards, Vienna-based export agency Austrian Kontrollbank AG said today in a statement.