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[PDF] Financing Dams in India: Risks and Challenges

Financial institutions seeking to support NHPC [India's National Hydroelectric Power Corporation] will find themselves in an uncomfortable spotlight. NHPC has repeatedly violated national and international standards and regulations for dam building. This has resulted in cost and time overruns, social and environmental negligence, security concerns, widespread public opposition, human rights violations, court cases and the suspension of projects in the pipeline or even during construction. By late 2003, financial institutions from Sweden, Norway, the United Kingdom, Canada, Japan and Germany had provided loans to NHPC [India's National Hydroelectric Power Corporation]. Skandinaviska Enskilda Banken, Credit Commercial de France [part of HSBC], HSBC, the Nordic Investment Bank, the Export Development Corporation, the Japan Bank for International Cooperation, ABN Amro, ANZ, Barclays, Emirates [Bank], Natwest [part of Royal Bank of Scotland], Standard Chartered, Sumitomo and a syndicate headed by Deutsche Bank, extended loans that amounted to slightly more than 10 percent of NHPC’s assets.