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Barclays accused over Indian dam

Author: John Vidal, Guardian [UK], Published on: 2 October 2004

Barclays Bank was yesterday accused of playing a vital role in the financing of an Indian hydroelectric dam which will force up to 50,000 people from their homes...The World Bank, Deutsche Bank and ABN Amro have all refused to finance Omkareshwar and other large dams on the river because of environmental and social concerns...Yesterday, in a statement, Barclays denied lending any of its own money to the scheme and claimed that its mandate from the Indian government had lapsed. "As Barclays is neither providing finance for the project nor arranging finance we cannot comment further," it said. However, the bank did admit "advising and assisting" in the project. A spokesman would not confirm the extent of the fees earned in the deal. Barclays also helped arrange a £28m loan for the corporate expenses of India's National Hydroelectric Power Corporation, the main sponsor of the scheme.

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Related companies: ABN Amro Barclays Deutsche Bank NHPC (National Hydroelectric Power Corporation - India)