German Euler Hermes told to pull cover from Turkey’s dam
European export credit guarantee agencies have pulled out of Turkey's planned Ilisu €1.2bn hydroelectric dam on the Tigris river, saying the project failed to meet international standards.
Euler Hermes Kreditversicherungs, which manages export guarantees for the German government, said it was the first time it had been forced to withdraw from such a contract.
"Our critical view towards Ilisu was correct from the beginning. If the protection of people, the environment and cultural assets cannot be guaranteed, then the delivery and credit guarantees for the dam must be stopped," Heidemarie Wieczorek-Zeul, a German minister, said.
Suppliers to the dam said financing could come from elsewhere.
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